Based on technical analysis, the recent recovery from horizontal support near $67.00 failed to find acceptance above the 50-day Simple Moving Average (SMA) and failed near a downward-sloping trend-line from May. Bearish traders are favored by the current price action, which forms a descending triangle on the daily chart. Even so, daily oscillators have not yet confirmed a downward trend. Before positioning for any further losses, let's wait for a sustained break below the $67.00 support.
As for downfalls over the next few days, the $70.00 psychological mark might provide some support ahead of $69.60. During this period, oil prices might fall to $68.25-$68.20 before dropping to the $67.60 zone and $67.00 strong horizontal support. The black liquid is vulnerable to further sliding if a crack occurs below the triangle support.
A 50-day SMA around $71.20-$71.30 might continue to act as an immediate barrier ahead of the $72.00 mark, or the descending trend line. Traders will shift their bias towards bullish traders if the market sustains strength. In the near term, WTI Crude Oil price might surpass an intermediate hurdle at $72.00 and attempt to reclaim $73.00. Further momentum might extend toward testing the June monthly swing high of around $74.35 in the near term
As for downfalls over the next few days, the $70.00 psychological mark might provide some support ahead of $69.60. During this period, oil prices might fall to $68.25-$68.20 before dropping to the $67.60 zone and $67.00 strong horizontal support. The black liquid is vulnerable to further sliding if a crack occurs below the triangle support.
A 50-day SMA around $71.20-$71.30 might continue to act as an immediate barrier ahead of the $72.00 mark, or the descending trend line. Traders will shift their bias towards bullish traders if the market sustains strength. In the near term, WTI Crude Oil price might surpass an intermediate hurdle at $72.00 and attempt to reclaim $73.00. Further momentum might extend toward testing the June monthly swing high of around $74.35 in the near term
