News
Natural Gas and Oil Forecast: WTI Eyes $67 as Iran Sanctions Stoke Supply Fears
WTI crude is edging higher in early trade, currently hovering near $63.68 after breaking out of a symmetrical triangle pattern. The pivot point sits at $63.18, marking the breakout level. Immediate resistance is seen at $65.28, with the next hurdle around $67.02.
On the downside, immediate support lies at $60.81, followed by $59.06. The 50 EMA at $61.88 is sloping upward and lending short-term support, while the 200 EMA is currently unplotted.
The breakout above triangle resistance suggests a shift in sentiment, but price needs to hold above $63.18 to avoid a false move. Bulls appear to have reclaimed near-term momentum, but follow-through volume will be key to sustaining this push higher.