Chart of the Day – WTI – (January 16th, 2023)
The post Chart of the Day – WTI – (January 16th, 2023) appeared first on ForexAnalytix - Blog.
Crude is at a major pivot point.
Crude Oil has reached a major pivot point of its move lower that started last year March and we are about to find out if the trend higher will be restored or we will remain in corrective mode.
On Friday we closed right at the descending channel’s T/L resistance at $80. Furthermore, potentially at the same level we have the neckline of an inverted H&S formation which if broken targets a move to $90. To recap, a break higher points to a low already found at $70.50 and points to a move to $90 but until that happens don’t forget that the trend is your friend.
Crude Oil at major pivot
Our “Chart of the Day” feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, click here to learn more. Trade our money, take 75% of the gains and none of the risk.
Steve Voulgaridis
The post Chart of the Day – WTI – (January 16th, 2023) appeared first on ForexAnalytix - Blog.
