Technical analysis: WTI crude oil prices recover to test resistance

On June 21, Economies’ analysts’ latest opinion today: WTI crude oil prices stopped falling and rebounded in the 69.60 area and tested the key resistance level of 71.55. If the price consolidates below this level, it will likely continue to fall and go to the next major target 68.75.

Therefore, we recommend maintaining a bearish bias in the coming sessions unless a breakout of 71.55 and a sustained rise, as a confirmed breakout will push the price to build a new bullish wave with the main target being a test of 73.80.

Today’s expected trading range is between 69.60 support and 72.60 resistance.