3 min readOIL (WTI/USD | BRENT):
Oil has been another intriguing asset, exhibiting range-bound price action over the past few weeks and months. Currently trading at just over $70.00, I will be watching for clear shifts in momentum to assess the next potential direction of its price movement.
Examining the technicals more closely, it is evident that price action is contained within a bearish channel. I am particularly interested in whether the price will move higher to test the internal descending trend line or continue downward to retest the lower descending trend line, which aligns with support levels around $67.00. Meanwhile, the RSI indicator shows no clear signs of the price being overbought or oversold at the moment.
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