This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

wti crude oil

Oil prices have closed in the red for the second consecutive week.

The declines have pushed the commodity down to a two-month low.

To the upside, if oil prices continue with the higher low, we could see a rise back to 38.83.

Establishing resistance at this level could confirm the downside bias, subject to oil prices losing the currently formed lows near 36.15.

We expect prices to trade within this range in the near term.

But on the 4-hour chart, the hidden divergence hints at possible declines.

The next major support area is around the 34.41 level, which is yet to be tested for support.

Test your strategy on how Oil prices will fare - Open Your Orbex Account Now

The post WTI Crude Oil Down For A Second Week appeared first on Orbex Forex Trading Blog.


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Tagged on: