CRUDE OIL (WTI) Technical Outlook & Key Levels to Watch 🛢️

16 lug 2021

As I predicted earlier, a strong short rally started from 77.0 level on WTI.
Being a key monthly structure, the market has already lost most than 7% of its value after a test.

Now the question arises, where is the goal for sellers?

Drawing the fib retracement based on the last bullish impulse,
you can see how perfectly the price respected a 382 level.
I guess with its second test, the price may go lower.

Being broken, the next support to watch will be 66.3 - 68.0 daily demand area.
It is a confluence zone between a historical structure and 618 retracement.

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