WTI-Öl: Correction meets support
Technical analysis of WTI Crudeoil - viewed in the D1 chart
The US WTI oil price had reached the long-term resistance zone at USD 76.88 on July 6, where the price had reached a cyclical high in October 2018 and turned into a dramatic bear market. The consolidation that started at this point came as little surprise and ultimately resulted in a more pronounced downward correction. In terms of information, the OPEC + alliance's agreement to increase oil production by 400,000 barrels per day from August onwards was a burden.
First correction goal achieved
The correction target we expected at USD 67/68 has already been worked through with the price slide on Monday. In this horizontal support zone, in which the rising 100-day line is currently also having a supportive effect, the black gold is currently trying to stabilize. We can envision a rebound towards $ 70.79 / $ 72.20. The seasonality provides a tailwind into September. The corrective downtrend would only be called into question above the downtrend line at currently USD 74.25.
Plan for corrective expansion after recovery!
As long as this trend line remains intact, we favor further falling prices. This scenario would be confirmed with a sustained slide below the USD 65.00 mark. The medium-term correction target we expect in this case is USD 57.00-58.00 with an important intermediate stage at USD 61.58.
Note:
Despite careful analysis, Global Investa does not accept any liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.
The US WTI oil price had reached the long-term resistance zone at USD 76.88 on July 6, where the price had reached a cyclical high in October 2018 and turned into a dramatic bear market. The consolidation that started at this point came as little surprise and ultimately resulted in a more pronounced downward correction. In terms of information, the OPEC + alliance's agreement to increase oil production by 400,000 barrels per day from August onwards was a burden.
First correction goal achieved
The correction target we expected at USD 67/68 has already been worked through with the price slide on Monday. In this horizontal support zone, in which the rising 100-day line is currently also having a supportive effect, the black gold is currently trying to stabilize. We can envision a rebound towards $ 70.79 / $ 72.20. The seasonality provides a tailwind into September. The corrective downtrend would only be called into question above the downtrend line at currently USD 74.25.
Plan for corrective expansion after recovery!
As long as this trend line remains intact, we favor further falling prices. This scenario would be confirmed with a sustained slide below the USD 65.00 mark. The medium-term correction target we expect in this case is USD 57.00-58.00 with an important intermediate stage at USD 61.58.
Note:
Despite careful analysis, Global Investa does not accept any liability for the content, topicality, correctness or completeness of the information provided. The information provided does not constitute investment advice, purchase recommendations or investment brokerage.
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