© Reuters.
Investing.com – U.S. crude hit a one-month high in WTI trading in New York, reaching near $74 for the first time since June 5th, with an intraday high of $73.91 a barrel. The US crude benchmark executed a final trade at $73.71, after officially closing the session at $73.86, up $2.06, or 2.9%, for the day. Over the course of the week, WTI was up 4.6%, on top of last week’s gains of 2.1%.
It rose on the London Stock Exchange by $1.95, or 2.6%, to settle at $78.47, after touching a one-month high of $78.53. Brent crude rose 4.8% for the week after rising 1.4% in the previous week.
Oil: price forecast
Going into the next week, WTI is expected to retest the breakout areas, said Sunil Kumar Dixit, chief strategist at SKCharting.com.
However, the sideways movement could still limit the ability of US crude to surpass the 50-day exponential moving average (EMA) of $71.70, which – if broken – could see the bears regain control, and rush towards a correction again towards $70.30, And maybe even $68.
However, the bigger possibility is that momentum builds up in support areas which “are very likely to resume the uptrend,” Dixit said, adding:
“The aim is a retest of the swing top at $73.90, followed by a strong break above the resistance up, down to the 200-day SMA at $77.30, followed by the 50-week SMA at $78.60.”
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2023-07-09 16:55:00
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