Technical analysis suggests crude oil is approaching the final wave of a corrective triangle structure after March’s spike to $119.
Crude oil prices have traded within a broad corrective pattern since peaking at $119 in early March. The market completed an impulsive decline in wave A, followed by a three-wave rebound to resistance at $118.55, forming a triangle structure.
This pattern typically signals a consolidation phase before the next directional move. The current corrective wave is nearing completion, according to technical analysis, which may precede a breakout or breakdown in oil prices.
No immediate market reaction was reported as the analysis remains forward-looking based on chart patterns rather than fundamental triggers.