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Crude Oil Price Update – Trying to Establish New Higher Support at $64.92 to $64.77

By:
James Hyerczyk
Published: Jun 11, 2018, 12:17 UTC

Based on the early trade, the direction of the July WTI crude oil market today is likely to be determined by trader reaction to the 50% levels at $64.92 and $64.77.

Crude Oil

U.S. West Texas Intermediate crude oil futures are under pressure on Monday shortly before the regular session opening. The market is being pressured by reports of rising Russian production and worries over increasing U.S. production. Some buyers are stepping in to stop the price slide on concerns over the impact of the sanctions against Iran and the turmoil in Venezuela, which could impact supply.

At 1200 GMT, July WTI crude oil is trading $65.10, down $0.64 or -0.97%.

WTI Crude Oil
Daily July WTI Crude Oil

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $64.22 will signal a resumption of the downtrend.

The minor trend is also down. A move through $66.24 will change the minor trend to up.

The June 5 closing price reversal bottom is helping to consolidate prices. A trade through $64.22 will negate the chart pattern.

On the downside, the support is a pair of 50% levels at $64.92 and $64.77.

On the upside, resistance is a Fibonacci level at $66.00, a 50% level at $66.45 and another 50% level at $67.32.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the July WTI crude oil market today is likely to be determined by trader reaction to the 50% levels at $64.92 and $64.77.

A sustained move over $64.92 will indicate that buyers are coming in to support the market. If this move generates enough upside momentum, we could see a move into $66.00, $66.24 and $66.45. The market will begin to open up to the upside on a breakout over $66.45.

A sustained move under $64.77 will signal the presence of sellers. This could trigger a quick break into $64.22. This is a potential trigger point for an acceleration into $63.03.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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