WTI turned bearish last week as it broke below the bottom of a range at 81.
Although the break-below did not cause the drop to continue and the price has rebounded off strongly on last Friday, the structure of both lower highs and lows is still favouring a bearish market this week.
The oil market could still be in a major correction and more downside can be seen still.
This week, we will be looking for a selling opportunity at the beginning of the week since it is already very near the supply level at 82.
We will be targeting the key demand level at 76.3.
Although the break-below did not cause the drop to continue and the price has rebounded off strongly on last Friday, the structure of both lower highs and lows is still favouring a bearish market this week.
The oil market could still be in a major correction and more downside can be seen still.
This week, we will be looking for a selling opportunity at the beginning of the week since it is already very near the supply level at 82.
We will be targeting the key demand level at 76.3.