Fan Yang
1
All posts from Fan Yang
Fan Yang in Fan Yang,

WTI Crude Oil is still bearish despite breaking above triangle

WTI Crude Oil (USDWTI) broke above a descending triangle pattern during the 7/20 session. However, I won't call it a bullish signal. 

USDWTI 4H Chart 7/21

(click to enlarge)

Still bearish: 
The 4H chart shows the break above the triangle.
Still, the resistance so far around 46 is maintaining the pattern of lower highs. 
Therefore, the prevailing bearish breakout (from a larger descending triangle) is still in play.
Also note that price is below the 200- and 100-period simple moving averages (SMAs) which shows bearish bias. 
Finally, the RSI is holding under 60 after it tagged 30. This reflects maintenance of the prevailing bearish momentum. 
I think a break above 47 would be needed to open up the bullish scenario.