A conceptual view of WTI trading over the next week
Diupdate
WTI has moved into a bear market. Following support levels and patterns from last year, I anticipate another 4-5% decline in USDWTI until next August 16th. The contract rollover will serve to stimulate some buying. After two weeks of bearish 'EIA' reports, I anticipate 'EIA' next week will be bullish relative to market expectations and that will stimulate a further increase, coupled with short squeeze should result in a double digit spike in price.
That's the theory anyway.
That's the theory anyway.
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