WTI on the verge of a reversal?
The rally of black gold in the form of the oil price, especially the WTI grade, peaked at the beginning of the month in the direction of the USD 70.00 mark. The appreciation, which became increasingly pronounced with the breakout at the end of 2020, ended just before this. The support level around USD 59.00 per barrel was fiercely contested these days. However, with yesterday's price weakness, after the impulse recovery from the talk, WTI oil is again at a stalemate. If new lows can be prevented, there could be a rapid upward movement to USD 62.00 and beyond to USD 66.00 as part of the defence of the upward trend line since December. The USD 70.00 mark would be within reach again.
Below USD 57.40, on the other hand, a further downward wave to the next support at USD 52.00 would have to be expected. A dip below this would be critical. Contrary to the actually bullish seasonality, there could then be further declines to 48.00 and 46.00 USD.
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Notice:
Despite careful analysis, Global Investa assumes no responsibility for the content, timeliness, accuracy or completeness of the information provided. In particular, the information provided does not constitute investment advice, a recommendation to buy or investment brokerage and can in no way replace investor- and investment-appropriate advice from a professional investment advisor who takes into account the client's individual economic circumstances and level of experience.
Below USD 57.40, on the other hand, a further downward wave to the next support at USD 52.00 would have to be expected. A dip below this would be critical. Contrary to the actually bullish seasonality, there could then be further declines to 48.00 and 46.00 USD.
If you liked the analysis, we would be pleased if you liked or subscribed to it. You will be supporting our work enormously!
Notice:
Despite careful analysis, Global Investa assumes no responsibility for the content, timeliness, accuracy or completeness of the information provided. In particular, the information provided does not constitute investment advice, a recommendation to buy or investment brokerage and can in no way replace investor- and investment-appropriate advice from a professional investment advisor who takes into account the client's individual economic circumstances and level of experience.