West Texas Intermediate traded on the New York Mercantile Exchange, also known as light sweet crude had a nice rebound recently, up from a six-year low of US$42.03 on March 18 to a high of US$62.58 on May 6 in the wake of renewed buying interest.
However, the upward momentum was later proven to be a bear trap, with prices subsequently turning range-bound the next two months on distribution mode before breaking down from the rectangular pattern.
The clear violation of the lower horizontal line of the rectangular box on July 6, signaled the start of another new leg of downtrend.
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However, the upward momentum was later proven to be a bear trap, with prices subsequently turning range-bound the next two months on distribution mode before breaking down from the rectangular pattern.
The clear violation of the lower horizontal line of the rectangular box on July 6, signaled the start of another new leg of downtrend.
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