FxWirePro: WTI trapped in bull-bear fight in short term
Oil price could continue consolidation, Our calculations suggest that the price of oil is currently trapped in a bull/bear fight, as the bulls target $65 per barrel, while bears are targeting $60 per barrel area. The bul…
Our calculations suggest that the price of oil is currently trapped in a bull/bear fight, as the bulls target $65 per barrel, while bears are targeting $60 per barrel area.
The bulls need to clear the $63.8 per barrel resistance to cancel out the selling pressure.
Key catalysts are working on both sides. While lower OPEC and global production and relatively strong demand are supporting prices, the United States’ trade war with China and higher oil production are pushing the price down.
Today, once again, the price is struggling to break the resistance and unless that cleared, we expect the oil (WTI) price to move lower.
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