Bracketing WTI Crude Oil Prices: . . .
By G.R. Harrison, Copyright 2018
In our earlier post we showed some upside price targets for WTI Crude Oil.
Prices have declined since then, so, we thought that this would be a good time to explore how far we can expect prices to decline before they find a support level.
Our chart below shows that price is expected to find serious support on this decline at the $62 usd level.
Along with our upside targets at $76, we now have a bracket for prices on Crude Oil above and below it's present level. Present prices are at a 50% pull-back area and, this is a good support area. However, should events occur that break below this level, expect for $62 to be the next holding price area. - George