global stocks slumps

WTI Technical Analysis Report 9 July, 2021

• WTI reversed from support area
• Likely to rise to round support level 75.00

WTI crude oil previously reversed up with the daily candlesticks reversal pattern hammer from the support area located between the round support level 70.00, lower daily Bollinger Band, 50-day moving average and the 38.2% Fibonacci retracement of the previous upward price impulse from the middle of May. The upward reversal from this support area stopped the previous minor retracement.

Given the clear daily uptrend and the increased demand for oil on falling USA inventories – WTI crude oil can be expected to rise further toward the next resistance level 75.00 (which reversed the price sharply at the start of July).

Was this post helpful?