WTI’s oil price has undergone a rather dynamic upward trend, which led the market yesterday to overcome a horizontal resistance level of US$56.90 and reached its highest level since the beginning of August 2019. The subsequent appreciation did not last long, however, as the WTI oil price has already reached the area of the next resistance (USD 58.50), where the supply reaction was quite strong.
If only this resistance were to be permanently rejected, we could expect in the near future at least a downward correction, for which – according to the principle of changing poles – the real range seems to be around the recently defeated resistance (now support), i.e. 56.90 USD.
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