27 August WTI Crude Oil Price Technical Forecast: WTI consolidates around $68.50


WTI stalled its correction from two-week tops of $ 69.31 and entered a phase of consolidation this Monday, as bulls take a back seat amid a lack of fresh fundamentals and holiday-thinned trading. What is next? Peer into today’s 27 August WTI Crude Oil Price Technical Forecast for an idea.

27 AugustSwissquote – The prices remain contained in a tight range, as the upside remains capped by persisting US-China trade tensions, after both the countries ended the trade talks inconclusively last week.

Meanwhile, the bulls continue to defend the downside, in response to the renewed weakness seen around the US dollar, following Fed Chair Powell’s dovish remarks on the interest rates. Further, expectations of tightening global supplies, as the US considers additional sanctions on Iran in November, targeting its oil sector. Iran is the OPEC’s no. 3 oil producer.

Looking ahead, the black gold awaits the weekly US crude stockpiles data for fresh direction on the prices, as falling rigs count and a drop in the US crude inventories continue to underpin the barrel of WTI.

27 August WTI Crude Oil Price Technical Forecast

The Swissquote Bank Research Team writes:

“Long positions above 67.60 with targets at 68.50 & 68.90 in extension. Below 67.60 look for further downside with 67.35 & 66.80 as targets. The RSI shows upside momentum.”

Disclaimer

This article 27 August WTI Crude Oil Price Technical Forecast was provided by Swissquote. While every effort has been made to ensure that the data quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein.

This document does not constitute a recommendation to sell and/or buy any financial products and is not to be considered as a solicitation and/or an offer to enter into any transaction. This document is a piece of economic research and is not intended to constitute investment advice, nor to solicit dealing in securities or in any other kind of investments.

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