Meanwhile, at the time of writing, WTI crude oil is trading at $83.15 a barrel, while natural gas is trading at $2.443.
WTI Crude Oil Price Forecast
The price of WTI crude oil could continue to recover above $82 per barrel, having marked a sharp +2.83% in five days despite an initial retracement.
At the beginning of the week, in fact, oil was already on the verge of pushing towards $85 a barrel, before finding a peak in bearish pressure on the way.
From the current target, it will therefore be necessary to stabilize for new attempts at recovery above 83 dollars per barrel and precisely towards the imminent resistances of 83.65 and 83.8 dollars per barrel.
However, the technical scenario will remain bullish as long as the price can hold above last month’s high of $83.02. Any retreat beyond this price level could force the price of WTI crude oil to slide below the support of $82 and towards the intermediate targets of $81.8, $81.5 and $81.25 per barrel.
The actual reversal of the downward trend could instead be observed in the event of a retreat below the main short-term support at 80 round dollars.
