WTI: Weekly Forecast 20210530
Oil prices continued to stay uplifted amid rising commodity prices due to fast-rising inflation despite a recent selloff in March.
The consolidation phrase seems to be ending as a breakout of a symmetrical triangle that occurred last week and the week ended with the price closing above the consolidation structure.
Besides, the entire consolidation which has now reached 3 months came after a major breakout of a 13-year falling trendline, thus we can expect more bulls to come, both technically and fundamentally.
This week, we expect the market to break me which but not excluding a possible pullback at the beginning of the week.
If the price drops first, we can look to buy at 66 - 65.4 region. And should the price go ahead and break higher, simply wait for a pullback towards the breakout level to buy again.
The consolidation phrase seems to be ending as a breakout of a symmetrical triangle that occurred last week and the week ended with the price closing above the consolidation structure.
Besides, the entire consolidation which has now reached 3 months came after a major breakout of a 13-year falling trendline, thus we can expect more bulls to come, both technically and fundamentally.
This week, we expect the market to break me which but not excluding a possible pullback at the beginning of the week.
If the price drops first, we can look to buy at 66 - 65.4 region. And should the price go ahead and break higher, simply wait for a pullback towards the breakout level to buy again.
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