WTI oil: the price of a barrel at a major support at $92.50

The support at $92.50 will be decisive for the outlook for WTI Oil

From a technical analysis perspective, the bottom outlook for WTI remains technically bullish above the support at $92.50, but a pullback below that would set the stage for a major bearish reversal. A bearish acceleration to the October 2021 high at around $85 and then to the December 2022 low at around $62 would be expected.

In the meantime, the outlook remains neutral in the short term between $92.50 and the symbolic threshold at $100. A breach of this resistance could take place in the event of an improvement in the economic outlook or an unexpected decrease in the supply of oil. The outlook would turn technically bullish again until the end of June high at around $110.

Admission: Sale below $92.50

Stop: $98.00

Goal: $85.00, then $62

Risk/Reward Ratio: >1

Follow the evolution of the WTI oil price with IG.

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