- WTI trades 0.26% higher despite some recent weakness.
- There is now an interesting flag-like pattern on the hourly chart.
WTI 1-hour chart
The oil complex had been hit by the recent dollar strength much like many of the other commodities. WTI has managed to bounce back after the OPEC+ group announced the output cuts will continue till December. DoE inventory levels also produced a draw today (Wednesday) but it was not as large as some analysts had been expected but a draw is good nevertheless.
The recent price action has moved into a flag type formation. A break in either direction would be a good signal for the future path but the topside break seems more likely at the moment.
The blue resistance line at USD 40.50 per barrel is a firm. The market has used the zone on multiple occasions on this chart alone. If it breaks the next