Participant

The price is moving sideways since May, the resistance is at 63.26 and the support of this range movement is at 56.62. WTI Oil is trading just above the $61 / barrel and maybe will approach the resistance level. Oil price is also above the 23.6% retracement level and could continue the correction to reach the target from $67. The price is testing the LML line (lower median line) of the ascending pitchfork but I’m not sure that the price will have the power to return inside of the pitchfork’s body. We have an important confluence zone somewhere at 63.9 – 64, the price can decline again from this area.

wti

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