WTI crude oil is carving out a symmetrical triangle pattern, with a descending trend line connecting the lower highs since the spring high near $93 and a rising trend line connecting the higher lows off the July bottom around $68.
WTI crude oil has broken above the descending trend line that capped every rally attempt since early June, and the former ceiling is now being retested as support.
WTI crude oil has broken above the descending trend line that connected its lower highs since late July, hinting that the selling pressure from the previous swing high near $82.50 may be fading.
WTI crude oil is running into resistance at its long-term descending trend line, currently capping price near the $78.70 per barrel mark.
WTI crude oil recently carved out a head and shoulders top on the daily time frame, with price breaking down through the pattern’s neckline near the $79.00 mark to confirm a shift in trend.
WTI crude oil broke down sharply from its descending trend line, tumbling from the swing high near $86.89 to test the $74.30 mark before staging a modest recovery to the current $75.78 level.
WTI crude oil recently broke down from its rising wedge pattern, confirming a shift in trend after the commodity had been consolidating within converging trend lines for the past couple of weeks.
WTI crude oil has broken down from a descending wedge pattern that formed from late July until early August, as sellers pushed price below the rising trend line support near the $80.00 mark.