Crude Oil Price Forecast – June 8, 2021

WTI Crude Oil Technical Analysis and Short-Term Forecast

WTI crude oil fell to challenge support at $68.7 as expected before rallying above the psychologically important $70.0 level. Prices settled just above $70.0 and are rising in post-settlement trading hours. There is immediate an immediate target at $70.4, but the move up is poised to reach $71.2 during the next day or so.

The $71.2 target is a highly confluent objective and potential stalling point for WTI. However, there is no technical evidence that calls for a major reversal. Therefore, any move down will most likely prove to be corrective. Initial support is $69.3 and key near-term support is $68.3. Settling below $68.3 would call for a deeper test of support before the uptrend continues.

WTI Crude Oil - $0.65 Kase Bar Chart
WTI Crude Oil – $0.65 Kase Bar Chart

This is a brief analysis for the next day or so. Our weekly Crude Oil Forecast and daily updates are much more detailed and thorough energy price forecasts that cover WTI, Brent, RBOB Gasoline, Diesel, and spreads. If you are interested in learning more, please sign up for a complimentary four-week trial.

Published by

Dean Rogers, CMT

Dean Rogers, CMT is the general manager of the Kase Call Center in Albuquerque, New Mexico. He oversees all of Kase and Company, Inc.’s operations including research and development, marketing, and client support. Dean began his career with Kase in early 2001 as a programmer but has developed into Kase’s senior technical analyst. He writes Kase’s award-winning weekly Crude Oil, Natural Gas, and Metals Commentaries. He is an instructor at Kase's classes and webinars and provides all of the necessary training and support for Kase's hedging models and trading indicators for both retail and institutional traders.

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