WTI Crude Oil (current price: $53.32)
Oil continues to trade in a long-term bullish correction. The crucial commodity bounced lower off the $54.50 resistance once again, as we expected. WTI Crude Oil was relatively strong on Tuesday after Monday decline, but it is drifting lower once again this morning. The better than expected economic numbers from China helped oil in recent days, but the increasing production in the U.S. and the proposed policy changes of Donald Trump still weigh on the commodity.
Our assessment: Oil is still stuck between the $52 support and the resistance zone around the $54.50 level. The break-out from the current triangle pattern could lead to a significant move in the coming weeks.
