WTI Crude Futures: Downside Pressure Mounting
George Lam October 28, 2020 1:03 PM
WTI Crude Futures (Dec) has dropped more than 3% so far in October, after plunging 5.6% last month...
From a technical point of view, WTI Crude Futures' (Dec) pressure is mounting as shown on the daily chart. Previously, it has broken below a bearish rising wedge pattern and is now forming a rounding top pattern. The level at $41.90 might be considered as the nearest resistance, while the 1st and 2nd support are expected to be located at $35.70 and $33.55 respectively.
Source: Gain Capital, TradingView
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