Oil Price Analysis: WTI trading near session’s lows around $34.80 a barrel

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  • WTI is trading off the June s’ highs near $34.80 per barrel.
  • Strong resistance is limiting WTI advances near the 36.00 level.
 

WTI four-hour chart

 
Crude oil is trading near session’s lows as WTI is trading above the main SMAs on the four-hour chart. However, as the black gold remains fragile in a dominant downtrend, it remains to be seen if WTI can regain the 36.00 resistance. More likely, sellers will be looking for a break below the 34.25 support level with the potential for a drop towards the 32.00 figure. 
 
 
Resistance: 36.00, 37.11
Support: 34.25, 32.00
 

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