- WTI bulls enter for the kill from support.
- $72 is on the bulls’ radar.
He WTI tries to correct but continues to fall on the day as black gold consolidates through the weekend around $71.85.
From the point of view of TD Securities analysts, “positioning configuration in energy markets continues to be a great support for the medium-term outlook, given that the participation of money managers in the crude markets is at the less than decade lows”.
Analysts say significant capital inflows are taking place in the sector as fundamentals begin to tighten in the second half of this year, especially as demand data continues to beat expectations.
In the near term, declining liquidity continues to weigh on trend followers, and a lack of confidence keeps price restrained, while physical markets continue to work to overcome excess inventories.”
WTI Technical Analysis
Bullish correction is firm and pressures potential resistance
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
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