WTI Light Sweet Crude Oil Futures Analysis
July – CLN20 Contract
The $36.00 price area will likely contain selling pressure. The mid $37.00 price area is likely and able to contain buying throughout the balance of June.
Near-Term Bullish Scenario:
Breaking above the mid $37.00 price area allows for upward momentum towards the mid $39.00 price area. A daily settlement above the mid $37.00 price area signifies near-term target at the mid $42.00 price area within a week or so. Long-term upside target at the mid $55.00 price area is then likely over several weeks.
Near-Term Bearish Scenario:
Breaking below the $36.00 price area allows for a retest of the $35.00 price area. Closing below the mid $35.00 price area would allow for a retest of the mid $33.00 price area which will likely contain near term selling.
Check out today’s pre-market multiple timeframe charts for areas of confluence AND this week’s Crude Corner breakout chart displaying key support & resistance areas.