WTI Crude Oil (current price: $46.78)
Oil continued to rise on Wednesday, although volatility remained high, and the strength of the Dollar weighed on the commodity in towards the end of the session. WTI Crude got back to the $46.50 resistance as a long-term triangle consolidation pattern continued to develop. Traders might focus on the $47.50 level in the coming days, as the long-term picture remains neutral, and fundamentals are still questionable.
Our assessment: Oil is stuck in a broad consolidation pattern following the strong rally between February and June, as the 200-day MA is still well below the current price at $41.30.
