WTI Oil Update – 06/07/2017 (10:50am) – by Arjun Lakhanpal
July 6, 2017WTI Oil Update – 06/07/2017 (10:50am): Yesterday’s bearish reversal pattern can allow for some additional near term retracement after failing against the next line of key resistance. Near term pullbacks should find support at the 45.40/44.70 area (38.2/50% retracements), while the 43.70/30 zone should be a max if a deeper recovery phase can develop. The 46.70/47.10 area will be the next important hurdle (early-June breakdown/50% retracement) with breaks affirming the improved short term setup after holding important support in the 42 area.
