Technical analysis update: WTI oil (20th July 2021)

WTI oil continues to experience further selling pressure. Currently it trades between support at 61.70 USD (we expect this level to hold in case of further selling pressure that would take us below 65 USD per barrel) and resistance at 67.94 USD. We expect WTI oil to struggle in the short term and possibly travel towards 65 USD per barrel. We still view OPEC deal as bullish developement for medium and long term. This is mainly due to the fact that agreement on a deal cleared out uncertainty regarding future supply boosts. We think that current price (and anything below) is attractive for taking long position in the market. Our medium term price target remains 77.50 USD per barrel and our long term price target remains 80 USD per barrel.

Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.