WTI Price Analysis: Oil juggles below $72.00 ahead Of Biden-McCarthy talks Oil WTI ChartPatterns SupportResistance Volatility
US Biden called partisan terms from Republicans unacceptable as the latter demanded an 8% cut on the overall budget.
US President Joe Biden and House of Speaker Kevin McCarthy are scheduled to make further negotiations on Monday. Earlier, US Biden called partisan terms from Republicans unacceptable as the latter demanded an 8% cut on big wrath. The oil price is auctioning in a Symmetrical Triangle chart pattern on a four-hour scale, which indicatescontraction. The upward-sloping trendline of the chart pattern is placed from May 15 low at $69.39 while the downward-sloping trendline is plotted from May 10 high at $73.81. Earlier, the oil price rebounded firmly after forming a Double Bottom chart pattern around March 20 low at $64.38.
Also, the Relative Strength Index is oscillating in the 40.00-60.00, which signals that investors await a trigger for decisive action.
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WTI recovers into the $72s territory for the closeWTI is trying to correct but remains down on the day as the black gold consolidates into the weekend at around $71.85. From a point of view from analy
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