Crude Oil (WTI), Technical Analysis – H1
Oil is presumably breaking out of the “bull flag” pattern, which may signal an impending upward impulse.
Oil is presumably breaking out of the “bull flag” pattern, which may signal an impending upward impulse. The medium-term target within this formation is located no lower than the $97 per barrel zone (measured by the height of the flag).
Key Levels:
□ $91.00
□ $92.00
□ $93.00 (near-term targets)
□ $97.00 (medium-term objective)
Primary Scenario:
Rise toward $91, $92, and $93.
Alternative Scenario:
Some consolidation at current levels, which would delay the main phase of the pattern.
Analyst Commentary:
There is little doubt that the situation in the Middle East will provide all the necessary catalysts to drive this move.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.