WTI: Weekly Forecast 18th July 2021
WTI climbed throughout the week and broke above a falling trendline.
This bullish trend came about after the recovery of a selloff in the previous week where OPEC+ agreed to increase oil supply, leaving a long lower shadow in the weekly timeframe.
The entire rebound also showed a strong support by the 63 and 126 MAs thus a sign of a strong bullish trend.
This week, we will be looking for buying opportunities by using the 63 and 126 MAs to create support zones.
We expect a breakout of the previous high before any significant pullback in the bigger timeframe.
This bullish trend came about after the recovery of a selloff in the previous week where OPEC+ agreed to increase oil supply, leaving a long lower shadow in the weekly timeframe.
The entire rebound also showed a strong support by the 63 and 126 MAs thus a sign of a strong bullish trend.
This week, we will be looking for buying opportunities by using the 63 and 126 MAs to create support zones.
We expect a breakout of the previous high before any significant pullback in the bigger timeframe.
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