We have a simple chart layout for the WTI oil chart this week to work with. Following four consecutive days of losses, price action is within a stone’s throw of connecting with a tight area of confluence, consisting of Quasimodo support from $77.55, trendline support (drawn from the low of $67.74) and channel support from the low of $81.09.
Should price test the aforementioned area of support, a logical upside objective to take into account would be the opposing channel resistance (extended from the high of $87.60).
Should price test the aforementioned area of support, a logical upside objective to take into account would be the opposing channel resistance (extended from the high of $87.60).
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The support level is now in play, with yesterday's action pencilling in a bullish outside reversal.