SwanBitcoin445X250

WTI Crude Oil Price Outlook Talking Points:

  • WTI crude oil[1] prices have pushed back-below the 60-handle, fading-out some of last week’s strength as the supply disruption from Tropical Storm Barry appears to be less-than-feared.
  • The support/resistance zone that spans from 59.64-60.00 held as resistance from late-May and into July. But last week’s bid helped prices to test-above that zone temporarily. With sellers posing another push below, bearish potential has come back into oil markets.
  • DailyFX Forecasts are published on a variety of markets such as Gold[2], the US Dollar[3] or the Euro[4] and are available from the DailyFX Trading Guides page[5]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[6]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[7].

Crude Oil Crosses Back-Below 60

WTI crude oil prices have re-crossed the psychological 60 level and last week’s bounce is now being faded as supply disruption from Tropical Storm Barry hasn’t been as bad as feared. While that theme helped to push the bid last week with Oil prices testing above a big area of resistance around the 60-handle, the cessation of that fear has allowed prices to begin dropping again, re-opening the door for bearish strategies.[8] This was discussed last Friday, noting the doji that had built around Thursday price action[9] with another showing on the daily chart for Friday. Yesterday saw a strong gust of selling that pushed prices below the

Read more from our friends at Daily FX: