Double Top Formation and Potential Selling Pressure in WTI Oil Prices
chart by ICM.com
Chartist Trader
6/25/20241 min read
From a technical standpoint, a double top pattern has formed, which typically signals a potential reversal in WTI oil prices. Although the price closed below the uptrend line, it coincided with a support area. If the closing price breaks below the low point of the uptrend line, it could trigger additional selling pressure as traders take profits.
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