We expect WTI to bottom next week, and WTI will likely rebound towards end of the week..
i) During bull market, all downcycle was short and will last around 11-16 trading days. Current downcycle already lasted 10 trading day. if the above hypothesis is correct, current cycle will be finished coming week.
ii) 100MA is a strong support, and WTI has never exceeded and stay below 100MA.
iii) WTI stayed above long-term uptrend.
Fundamentally, the latest OPEC and Russia commitment to increase 1 mn barrels per day towards the end of the year should clear market key concern. Once market have factored into such major information in the demand/supply model, WTI should be stablished and likely back to uptrend.
i) During bull market, all downcycle was short and will last around 11-16 trading days. Current downcycle already lasted 10 trading day. if the above hypothesis is correct, current cycle will be finished coming week.
ii) 100MA is a strong support, and WTI has never exceeded and stay below 100MA.
iii) WTI stayed above long-term uptrend.
Fundamentally, the latest OPEC and Russia commitment to increase 1 mn barrels per day towards the end of the year should clear market key concern. Once market have factored into such major information in the demand/supply model, WTI should be stablished and likely back to uptrend.