WTI pressured by Delta variants breakout

2021年8月5日

As forecasted, the sellers' pressure continues to control the energy market. After the H&S reversal pattern, the market consolidates while shaping a bearish continuation flag that dropped the WTI price towards a major ascending trendline.

Bulls are struggling to keep the price above the $67 handle. Complicated task as headlines about China mobility restrictions tied up to the Delta variant and OPEC+ increased supply for this months remains to hover the market.

Failing to hold the fortress at $67 may bring prices to July levels and re-test the 65 handle.