WTI: Weekly Forecast 20210621
WTI continued to stay bullish as demand for oil continues to get stronger amid the reopening of major economies.
However, it is noted that the price will face strong resistance as it's about to reach a 6-year high and the major equilibrium at 76.
This week, we will still look for buying opportunities as the market pulls back at least back to 71, and if the pulls back deepen, it will most likely test the demand zone around 69.
We will stick to our plan and aim to take profit around 75 just before it reaches the equilibrium level.
However, it is noted that the price will face strong resistance as it's about to reach a 6-year high and the major equilibrium at 76.
This week, we will still look for buying opportunities as the market pulls back at least back to 71, and if the pulls back deepen, it will most likely test the demand zone around 69.
We will stick to our plan and aim to take profit around 75 just before it reaches the equilibrium level.
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