Despite the WTI price analysis having shown a good finish for the day on Monday, overall trading was rather mixed. In addition, the July WTI price is down almost 2.8% and currently trading at $25.44. And the short-term WTI price forecast will largely be determined by how traders respond today to the 50% level at $26.23.
In the event of a bearish scenario in the oil price analysis, in which there is sustained downward movement below the 50% level, we may be facing a break in the range from $22.63 to $21.36. And in this case, buyers may be tempted to come in, which will form a secondary higher bottom in the oil chart.
On the other hand, the oil chart analysis may be facing a bullish scenario. That will be if there’s sustained upward momentum above the $26.23 level across the oil price chart. And in this case, oil prices will need to break out above the level at $28.34 before they can reach the upside.
Watch the whole video for our full oil analysis, and drop us a line in the comment section below to let us know what you think.
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