WTI Light Sweet Crude Oil Futures Analysis
July – CLN20 Contract
Crude Corner Outlook:
The mid $35.00 – $36.00 price area will likely contain selling pressure into July trading activity. Above which, the $44.00 price area is likely and able to be obtained within several weeks.
Near-Term Bullish Scenario:
The $38.00 price area can contain initial strength, beyond which the mid $40.00 price area is likely and able to contain session strength. Closing above the $40.00 price area indicates the $44.00 price area in several days which sets the stage for the $49.00 price area to follow.
Near-Term Bearish Scenario:
Breaking below the mid $35.00 price area indicates a test of the mid $34.00 price area intraday. Closing below the mid $35.00 price area indicates a June high has already been placed. The mid $31.00 price area then expected by the end of the week and the mid $23.00 price area within several weeks.
Check out our Crude Corner charts for our long-term market analysis outlook AND our Crude Corner weekly / daily breakout charts with KEY Active Support & Resistance price areas.