West Texas Intermediate crude oil futures closed sharply on Friday, ending only a three-year high earlier in the week. All eyes will be on the OPEC + Plus meeting. OPEC ministers are expected to continue to increase supply.
OPEC and its partners will meet on Monday. The group is slowly easing last year’s deficit, although sources told Reuters it intends to do more to boost production.
On Friday, December, WTI crude increased by $ 75.58, $ 0.88 or + 1.18%.
If OPEC + continues to deliver the 400,000 bpd increase planned for November, look for prices to continue the trend. For example, if you decide to increase production to 600,000, then look for a short-term sale.
Technical analysis of daily swing chart
According to the daily swing chart, the main trend is rising. A trade of $ 76.26 indicates a resumption of growth. The $ 69.05 move will reverse the trend.
The lowest range is from $ 76.26 to $ 72.82. The market closed at $ 74.54 on Friday.
Short-term range ranges from $ 69.05 to $ 76.26. The upgrade zone is a key support zone at $ 72.66 to $ 71.80.
Technical forecast for daily swing chart
The direction of the December WTI crude oil market could be determined by a trader’s response at $ 74.54 early Monday.
A steady flow of more than $ 74.54 indicates the presence of buyers. The initial reverse target is $ 76.26. Rating this level indicates that the purchase is getting stronger. That could raise $ 76.98 for a rally on July 6.
The top of the $ 76.98 is the trigger point to accelerate the next psychological level of $ 80.00.
A sustained activity of less than $ 74.54 indicates the presence of sellers. If this step creates a slowdown, then look for sales to accelerate to $ 72.82, followed by $ 72.66 to $ 71.80.
Buyers may enter the first attempt from $ 72.66 to $ 71.80, but if the latter fails as support, then move to the bottom. The daily chart shows that there is a lot of room at the bottom of the $ 69.05 target, followed by an improvement zone from $ 68.69 to $ 66.90.