On June 8, analysts at Economies have the latest opinion today: WTI crude oil prices closed above 71.55 yesterday, supported by EMA50, but the price encountered strong resistance at 73.05, which was formed by the previously broken upward trend line.
Hence, the inconsistency between technical factors keeps us on the sidelines until the price confirms a break above one of the above levels to clearly identify its next target.
It is worth noting that a break above resistance will allow the price to rise, starting at 73.80 and extending to 76.10 after breaking the previous level. A break below support means that the price will fall. The target point is 70.00, followed by the 68.75 level.
Today’s expected trading range is between 70.50 support and 74.00 resistance.
