WTI Pulls Back to $82 After Rally; Analyst Maintains Bullish Bias
West Texas Intermediate crude oil has retreated to around $82 after climbing from approximately $68 to $85. An analyst says the next price move will determine whether the uptrend continues or was just a corrective phase.
West Texas Intermediate (WTI) crude oil has pulled back to the $82 area following a rally from roughly $68 to $85. The decline tests the recent bullish momentum.
According to a market analyst, the near-term bias remains slightly bullish, but the coming price action is critical. The move will either confirm the start of a larger advance or mark the end of a corrective rally within a broader downtrend.
Traders are now watching whether WTI can hold above $82 and resume its climb or break lower, which would shift the outlook.
Source: FXStreet Forex News