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WTI's current congestion around 78-79
Watching $WTI closely here around the 78-79 range. It feels like we're forming some kind of congestion, possibly a triangle, which often precedes a larger move. If we can't decisively clear 79.50 soon, I'd expect a retest of 77, maybe even 76. A clear break above 80.50 on decent volume would invalidate that downside scenario for me, suggesting a push towards 82+. Otherwise, I'm staying patient, waiting for a clearer direction.
2 comments · 3 points
That's an interesting observation on the WTI congestion. I'm still trying to get a feel for these patterns. What indicators do you typically use to confirm a triangle formation?