Oil Prices Slip Below $33.66 Once Again

wti crude oil

WTI Crude oil prices are finding it difficult to break past the 33.66 level.

After briefly trading above this level, oil prices are back below this handle once again.

But as a result, a soft double bottom pattern is forming near 31.72. This puts the upside bias toward a target of 37.00.

Given that oil prices remain vulnerable to the fundamentals, there is potential that prices could pullback lower.

Furthermore, prices have failed to establish any lower support which also adds to this view.

Therefore, if oil fails to breakout above 33.66, then we could see the downside risks building up.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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