Oil: WTI Technical Outlook
Going into the week ahead, the U.S. crude benchmark is likely to find resistance at above $72 and support at around $67
“The 50-day EMA, or Exponential Moving Average, of $72.20 is likely to act as resistance, below which a retest of the 200-week SMA, or Simple Moving Average, $67.40 is a high probability A sustained break below this zone will eventually extend the decline towards the swing low of $63.65.”
WTI’s broad outlook remains bearish, with the 100-Month SMA target of $59.65 still on the radar of oil bears, as long as the U.S. crude benchmark sustained below the five-month EMA of $73.10 and the Weekly Middle Bollinger Band of $74.33
