Wti Price Analysis: Consolidates Gains Below $70.00 Inside Fortnight-old Rising Channel

Wti Price Analysis: Consolidates Gains Below $70.00 Inside Fortnight-old Rising Channel

  • Trade Ideas
  • Commodities
  • 2021, 10 June

Brief:

WTI licks its wounds around $69.30, down 0.43%, ahead of Thursday’s European session. Even so, the black gold remains inside a two-week-long bullish chart pattern, ascending trend channel, amid above 50.00 RSI conditions.

Hence, energy bulls may remain hopeful unless the quote breaks the stated channel’s support line, at $68.90 by the press time.

Although the channel breakdown directs WTI sellers to May 27 low near $65.17, an ascending trend line from May 05, near $67.70, as well the initial May month top close to $66.70, can provide halts to the south-run.

Alternatively, the corrective pullback could aim for a $70.00 threshold before targeting the latest swing high near $70.48.

However, any further upside will be tested by the channel’s resistance line close to $70.70.

Suggestion:

Sell below 70 for 69.10 and 68.80

Else

Buy above 70 for 70.30 and 70.60

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