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GemForex | Crude Oil (WTI)
Abstract：Crude Oil (WTI) - Rebound in the offing?
WTI: The $100 mark should hold the downside
Prices of the WTI retreated sharply and revisited the $101.00 region on Wednesday. The strong downtick was due to shrinking open interest in the futures market, giving the hint that a deeper pullback is not favored in the near term.
The further downside in prices of the commodity should meet tough support around the $100.00 area.
That said, the black gold is on the downtrend for the second consecutive day, down 1.0% around $102.90, amid early European morning on Thursday.Aclear downside break signal of the three-month-old support line, near $101.00 by the press time, appears necessary for the bears.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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