AI
Sunday, June 17, 2018 10:48:41 PM
Technical Forecast
Based on this month’s price action, the direction of the August WTI crude oil market is likely to be determined by trader reaction to the 50% level at $64.67.
A sustained move over $64.67 will indicate that buyers are still coming in to support the oil market. If this creates enough upside momentum then look for the rally to possibly extend into $70.51 then $72.70.
A sustained move under $64.67 will signal the presence of sellers. This could trigger an acceleration to the downside with $58.89 to $55.63 the next major downside target.
oilprice.com
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