WTI has moved into a bear market. Following support levels and patterns from last year, I anticipate another 4-5% decline in USDWTI until next August 16th. The contract rollover will serve to stimulate some buying. After two weeks of bearish 'EIA' reports, I anticipate 'EIA' next week will be bullish relative to market expectations and that will stimulate a further increase, coupled with short squeeze should result in a double digit spike in price.
That's the theory anyway.
That's the theory anyway.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.