{"id":9903,"date":"2021-06-10T07:31:00","date_gmt":"2021-06-10T06:31:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=9903"},"modified":"2021-06-10T13:38:23","modified_gmt":"2021-06-10T12:38:23","slug":"crude-oil-technical-analysis-68-00-is-the-buy-zone","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-68-00-is-the-buy-zone\/","title":{"rendered":"Crude Oil Technical Analysis &#8211; $68.00 is the buy zone"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9903\" class=\"elementor elementor-9903\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fdfdfdc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fdfdfdc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4f73797\" data-id=\"4f73797\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-468c6de elementor-widget elementor-widget-text-editor\" data-id=\"468c6de\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The price of West Texas Intermediate oil hit a new yearly high above the $70.00 resistance level after the United States Energy Information Administration June Short-term Energy Outlook reinforced market expectations of a demand-led recovery in oil markets.<\/p><p><a href=\"https:\/\/bit.ly\/3hBKwSl\" target=\"_blank\" rel=\"noopener\">Crude oil<\/a> is approaching levels not seen since October 2018, and is quickly making gains above the $69.00 level. The EIA\u2019s STEO report also suggested a drawdown of global oil inventories could be on the cards during the summer.<\/p><p>Furthermore, the latest upside move in crude oil was supported by signs from US and Iranian oil talks are stalling, which means that a delay in bringing back sanctioned Iranian barrels back to the market is more likely than not.<\/p><p>It is also noteworthy that the American Petroleum Institute released a report that estimated a 2.1 million barrel draw in United States crude oil inventories earlier this week, which further underpinned the bullish sentiment towards oil.<\/p><p>Given the strong forecast by the EIA in June, and declining global oil inventories, a clear picture is being built of a recovering global economy. The bullish economic backdrop hints that during the upcoming July OPEC meeting we could see an easing of production cuts.<\/p><p>On the technical front, the Relative Strength Indictor is approaching overbought conditions on multiple time frames, which is providing a warning sign that a pullback could be forthcoming in the near-term. The RSI indicator is testing towards above 70 on the weekly time frame, which is means crude oil is now overbought.<\/p><p>Market sentiment towards WTI oil remains bullish, with some 60 percent of traders holding a positive outlook. This one-way sentiment skew is mildly bearish, and it could suggest that crude oil could correct at any time.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5d49349 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5d49349\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e55b9b0\" data-id=\"e55b9b0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-732c0d9 elementor-widget elementor-widget-image\" data-id=\"732c0d9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3hBKwSl\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"300\" height=\"111\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/Lcrude-chart.png\" class=\"attachment-large size-large wp-image-9906\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0d29674 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0d29674\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9cdec9e\" data-id=\"9cdec9e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eb6e1ef elementor-widget elementor-widget-text-editor\" data-id=\"eb6e1ef\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>WTI Oil Short-Term Technical Analysis-<\/strong><\/p><p>The four-hour time frame shows that WTI oil has broken above the neckline of a huge, inverted head and shoulders pattern, that is pointing to a coming rally towards $80.00.<\/p><p>As long as the price of WTI oil holds above the $68.00 level then the bullish pattern remains activated. Any pullback towards the neckline of the pattern will likely be seen as a buying opportunity.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f39360c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f39360c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-eeb9827\" data-id=\"eeb9827\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-548e1e9 elementor-widget elementor-widget-image\" data-id=\"548e1e9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3hBKwSl\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"344\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/crude-4h.png\" class=\"attachment-large size-large wp-image-9908\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-aa04d1c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"aa04d1c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7aa1d23e\" data-id=\"7aa1d23e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-230d4b3c elementor-widget elementor-widget-text-editor\" data-id=\"230d4b3c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3hBKwSl\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-00e636b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"00e636b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9c8b957\" data-id=\"9c8b957\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-90e4c21 elementor-widget elementor-widget-text-editor\" data-id=\"90e4c21\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>WTI Oil Medium-Term Technical Analysis<\/strong><\/p><p>Looking at the daily time frame WTI oil is testing towards a twenty-month trading high, with the $76.60 level the next major upside resistance level to watch now that the $70.00 level has been broken.<\/p><p>Traders should be aware that WTI oil has relatively limited technical resistance until the $90.00 level if bulls can overcome the $76.60 level over the coming days and weeks. The only warning sign is the RSI indicator, which is overbought on the daily and weekly time frames.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-193abff elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"193abff\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0ad077f\" data-id=\"0ad077f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6c6af8f elementor-widget elementor-widget-image\" data-id=\"6c6af8f\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3hBKwSl\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"343\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/CRUDE-1D.png\" class=\"attachment-large size-large wp-image-9909\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-33973bd3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"33973bd3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2e49315b\" data-id=\"2e49315b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2fb2e4cf elementor-widget elementor-widget-text-editor\" data-id=\"2fb2e4cf\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3hBKwSl\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The price of West Texas Intermediate oil hit a new yearly high above the $70.00 resistance level after the United States Energy Information Administration June Short-term Energy Outlook reinforced market expectations of a demand-led recovery in oil markets. Crude oil is approaching levels not seen since October 2018, and is quickly making gains above the [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3816,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,7],"tags":[64,172,458,48],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crude Oil Technical Analysis - $68.00 is the buy zone - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-68-00-is-the-buy-zone\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude Oil Technical Analysis - $68.00 is the buy zone\" \/>\n<meta property=\"og:description\" content=\"The price of West Texas Intermediate oil hit a new yearly high above the $70.00 resistance level after the United States Energy Information Administration June Short-term Energy Outlook reinforced market expectations of a demand-led recovery in oil markets. 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