Crude Oil Uptrend Faces Key Test at Trendline Support
WTI crude oil prices weakened 8.5% last week in the worst 5-day performance since March.
That has brought oil to a key rising trendline from December after falling back under the 113.72 - 116.61 inflection zone.
In the week ahead, traders will be watching if this trendline will be taken out. Such an outcome could spell more trouble for WTI, exposing the 38.2% Fibonacci retracement at 103.83.
Further losses would then place the focus on the 92.95 - 95.11 support zone.
USOIL
That has brought oil to a key rising trendline from December after falling back under the 113.72 - 116.61 inflection zone.
In the week ahead, traders will be watching if this trendline will be taken out. Such an outcome could spell more trouble for WTI, exposing the 38.2% Fibonacci retracement at 103.83.
Further losses would then place the focus on the 92.95 - 95.11 support zone.
USOIL