Technical Outlook:
WTI Crude had rallied towards $41.50/60 highs on June 23, 2020, before pulling back lower again. The commodity is seen to be trading around $39.50 at this point in writing and is looking to drop further towards $34.35 levels in the short term. Immediate price resistance is seen towards $41.50/60, while support is at $34.34 levels respectively. Bears might be looking to break below $34.34 levels to gain control. Please note that the recent boundary which is being worked upon is between $41.50/60 and $37.00 levels. The corrective rally has managed to reach $39.87 levels, which is the Fibonacci 0.618 retracement of earlier drop. WTI Crude is expected to reverse lower from here and push towards $34.25, going further.
Trading plan:
Short now @ 39.50, stop @ 41.60, target @ 34.00 in the short term.
Good luck!
