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WTI Crude Oil Bounces Off Support

Posted On 26 Jun 2020
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wti crude oil

Oil prices fell to the support near 37.66 as expected. The rebound off this level is also seemingly holding up for the moment.

However, price action needs to close above this level to confirm that the support level is holding up for now.

In the near term, WTI crude oil might be stuck within the 40.00 and 37.66 levels.

This potentially raises the odds of a breakout that might emerge following the consolidation within the said levels. For now, the overall bias in crude oil remains to the upside.

About the Author
“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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