WTI

By Gary Kinsley

Crude Oil

, 1 hour

short

#Technical

#Consolidation

Range

Resistance 1 79.50
Quote Price 78.16
Support 1 76.0

On the 1 hour chart, we can see more closely the recent price action with the consolidation around the $78 level. A break below the counter-trendline should point to lower prices and see the sellers increasing the bearish bets into the $76 level. The buyers, on the other hand, might lean on the counter-trendline to position for a break above the downward trendline with a better risk to reward setup.