WTI: Bullish Momentum Strengthens, Eyes on $80 19/6/2024

WTI crude oil futures prices are on the rise, targeting the $80.00 per barrel threshold.

Technical Outlook:

Our analysis remains bullish, bolstered by the price finding support above the critical 79.65 level and the continued positive momentum provided by the simple moving averages.

Upward Potential:

The upward trend appears poised to continue, with a potential break above 81.30 potentially accelerating the rally towards 81.90 and even 82.30.

Downside Risks:

However, a breach of the 79.65 support level could trigger a temporary pullback, potentially targeting 78.60.

Key Levels:

• Support: 79.65, 78.60
• Resistance: 80.00, 81.30, 81.90, 82.30

Risk Warning:

The risk level remains high due to the inherent volatility of the oil market and ongoing geopolitical tensions, which could lead to sudden price fluctuations.

Disclaimer: Trading in CFDs carries inherent risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for WTI crude oil.

S1: 79.65	R1: 81.30
S2: 78.60	R2: 81.90
S3: 78.00	R3: 82.95