WTI Crude (CL) Nears August High Ahead of Busy News Day

WTI Crude (CL) is pushing higher today, trying to bounce off ascending wedge support (on the 4hr chart). Significantly, although CL may reclaim the psychologically key 70 whole figure level today following the data/news releases of US ISM Manufacturing PMI at 10am EST, weekly crude inventory at 1030am EST or highly anticipated OPEC meeting at 11am EST, odds are roughly the same for CL to slide back below upchannel support (on the weekly chart)…

WTI Crude (CL) Tries Reclaiming Weekly Chart Upchannel Support Ahead of Inventory

WTI Crude (CL) bounced more than 2.5% yesterday, recovering all of Monday’s sharp losses. Significantly, although CL is trying to reclaim the the weekly chart upchannel support after briefly breaking below it Monday, CL remains precarious going into today’s 830am EST release of the US CPI, and the highly anticipated weekly inventory data release at 1030am EST…

WTI Crude (CL) Retesting Key 70 Level

WTI Crude (CL) is rebounding nearly 4% in today’s US morning, and is quickly nearing the psychologically key 70 whole figure level. Significantly, although CL appears to have a bit more upside before it bumps up against downchannel resistance (on the 4hr chart), CL is arguably already bumping up against the daily chart downchannel resistance, with bears eyeing the Monday break below ascending wedge support (on the weekly chart)…