WTI oil: too much for bulls?
Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Prices for oil rise
The price for WTI has risen to its highest levels since the beginning of May. Bulls are trying to keep it above the weekly pivot resistance at $63.07. The next resistance lies at $64.44. If bears take over the market, the will pull the price for crude to the support at $61.54.
Brent, in its turn, has been targeting the resistance at $73.4. The next resistance is placed at $74. If bearish pressure increases, the first support will be placed at $70.9.
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