WTI BULLISH ABOVE PREVIOUS WEEK’S HIGHS

WTI BULLISH ABOVE PREVIOUS WEEK’S HIGHS

Key Support: 62.60 – 62.00
Key Resistance: 64.00 – 66.00 – 68.00

Crude Oil has been really bullish since the lockdowns rules have eased around the world. With higher demand for petroleum based products and OPEC output cuts to level the oil markets and sustain prices we have seen a big rally from the pandemic lows.

Fast forward almost a year and WTI went from negative numbers to topping at $68/barrel.

After those highs price dipped 15% to retest the 57 level and started trading inside of a flag at the end of a triangle formation. We missed the breakout but right now price is trading inside of last week´s range right at support.

A breakout of last week´s highs would ignite the next bullish leg of the move.

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Author : Orlando Gutierrez

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