WTI Technical Analysis Report 19 July, 2021

• WTI broke support area
• Likely to fall to support level 67.50

WTI under the bearish pressure after previously breaking the support area lying at the intersection of the support level 70.70 (which has been reversing the price from the middle of June), 50-day moving average and the 38.2% Fibonacci correction of the upward impulse 3 from the middle of May. The breakout of this support area accelerated the active short-term corrective wave 4.

Given the concentres about oil demands on the acceleration of the 3rd pandemic wave – WTI can be expected to fall further toward the next support level 67.50 (former month high from March and the target price for the completion of the active corrective wave 4).

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