WTI: Weekly Forecast 20210704
Oil prices trended again and broke yet another new high for the 5th consecutive week.
The price has been climbing within a rising channel for more than 2 months, initially trading above the middle of the channel and now below the middle.
Nevertheless, we continued to see a resurgence of buyers after every pullback and we shall maintain our bullish view for now.
This week, we hope to see a pullback towards 74.3, retest the bottom of the rising channel for another buying opportunity.
We should also be able to see oil prices reaching the equilibrium level of 77 where strong resistance is expected.
The price has been climbing within a rising channel for more than 2 months, initially trading above the middle of the channel and now below the middle.
Nevertheless, we continued to see a resurgence of buyers after every pullback and we shall maintain our bullish view for now.
This week, we hope to see a pullback towards 74.3, retest the bottom of the rising channel for another buying opportunity.
We should also be able to see oil prices reaching the equilibrium level of 77 where strong resistance is expected.
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