Monitoring A Multi-Year Range In WTI
Apr-15 09:34By: Taso Anastasiou
- WTI has been trading in a range since 2008.
- The parameters of the range are: the top at $114.80 and the base at $32.40.
- Price has traded beyond both extremes, on occasion, however a breach has been short-lived, only to see price action reverse direction eventually and begin a path towards the opposite end of the range.
- Most recently, the contract has pierced $114.80. The last time this occurred was in the Mar - Jun period of 2022.
- From a pure technical analysis standpoint, the test above the range top suggests that either; price will reverse towards the range base, or that before this happens, prices remain elevated for a long period (as was the case during 2011 - 2014.
- A clear breakout of the range top is required to paint an entirely different (bullish) picture.
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