WTI dropped the most since November as signs of powerful gasoline demand in the U.S. eased concerns around the global economic recovery from the COVID-19 pandemic. In our previous analysis, we correctly forecasted that the price will drop and reach the support area that we highlighted. Next week, we expect the price to “correct” towards the resistance area highlighted on the chart, before breaking the low again. This move would only act as a consolidation in the bigger timeframe and in the medium-term could push the price towards the second support zone. Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.