WTI Oil - eyeing decadal rising trend line hurdle around $48
Check out the monthly chart.
If we join Dec 1998 low and Nov 2011 low and extend the trend line to infinity, we see it acting as a resistance today around $48.00.
Note the trend line acted as a strong support post 2008 crash. Watch for exhaustion as prices near $48.00 as we may head back to $45-43 levels on repeated failure near $48.00.
If we join Dec 1998 low and Nov 2011 low and extend the trend line to infinity, we see it acting as a resistance today around $48.00.
Note the trend line acted as a strong support post 2008 crash. Watch for exhaustion as prices near $48.00 as we may head back to $45-43 levels on repeated failure near $48.00.
