Yahoo Finanza Crude Oil Price Update – Retracement Zone at $105.77 – $102.48 Controlling Near-Term Direction
U.S. West Texas Intermediate crude oil futures are inching higher at the mid-session on Monday in limited price action. Although the market is within striking distance of last week’s high at $113.20, traders seem to be waiting for a fresh catalyst to continue the uptrend.
The market is being underpinned today by a slightly weaker U.S. Dollar and the hope that the lifting of COVID-related restrictions in Shanghai would lead to increased demand for crude oil.
At 16:38 GMT, July WTI crude oil is trading $110.26, down $0.02 or -0.02%. The United States Oil Fund ETF (USO) is at $81.63, down $0.02 or -0.02%.
Helping to put a lid on prices is the European Union’s inability to reach a final agreement on banning Russian oil following its invasion of Ukraine, which Moscow calls a “special operation”.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. However, momentum has been trending lower since the formation of the closing price reversal top on May 17.
A trade through $113.20 will signal a resumption of the uptrend. A move through $103.24 will change the main trend to down.
The minor range is $113.20 to $103.24. The market is currently trading on the strong side of its pivot at $108.22, making it support.
The short-term range is $116.43 to $88.53. Its retracement zone at $105.77 to $102.48 is support. It’s also controlling the near-term direction of the market.
Daily Swing Chart Technical Forecast
Trader reaction to $108.22 will determine the direction of the July WTI crude oil market into the close on Monday.
Bullish Scenario
A sustained move over $108.22 will indicate the presence of buyers. If this move is able to generate enough upside momentum, we could see a late session surge into $113.20.
Bearish Scenario
A sustained move under $108.22 will signal the presence of sellers. This could trigger a break into $105.77. If this level fails then look for the selling to extend into the main bottom at $103.24.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
More From FXEMPIRE:
South Korean inflation expectations at near decade high – survey
UK finance minister Sunak orders plan for windfall tax on electricity generators – FT
Ukrainian filmmaker Loznitsa plans documentary on Russia invasion
Spirit Airlines says shareholders unlikely to vote against Frontier deal
Top anti-inflation official in Argentina resigns as prices surge
