WTI Crude Oil – Potential False Break Setup | Aug 7

Crude Oil – Potential False Break Setup
Down over $10 from the June highs, WTI Crude has started to become more volatile on the intra-day charts, showing its attempting to base. After parking above 97.58 for a few days, the commodity crashed below it, only to have a strong bull close today retesting the same level.

This right now is acting as a role reversal level, however it could be setting up for a false break based on today’s strong close. If the commodity ‘recovers‘ this level, then expect WTI Crude to bounce, going after 98.88 and then 100.

Considering all the geo-political tensions, and with NATO getting involved with the Ukraine situation, it seems likely the commodity will rise in the near future, with the price action supporting this if a false break forms.

crude oil

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