WTI crude breaks $70: Bull flag retest in sight amid key economic catalysts
WTI Crude (CL) gained 1.5% Friday closing the week above the psychologically key 70 whole figure level. The bigger picture is CL once again gravitating towards what is arguably a Bull Flag resistance connecting the highs of March 2022, June 2022 and April 2024 (as seen easier on a monthly continuous chart on tradingview.com). Odds are decent for a retest of this major downtrend resistance before year end. Catalysts for further upside may arrive as early as Tuesday with the US CB consumer confidence, and Wednesday with the US preliminary GDP, unemployment claims change, core PCE price index, highly anticipated weekly crude inventory and FOMC meeting minutes. The weekly, daily and 4hr RSI, Stochastics and MACD are bottomish or rallying. I am looking at entering long in the green zone (of the daily chart), targeting the red zone for Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).
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