July 10th, Economies analysts’ latest opinion today: WTI crude oil prices encountered resistance at 73.80 and were negatively affected by stochastic indicators, which may push prices back down and start to build a short-term downward band.
Now, we are more inclined to stay on the sidelines until we get clearer trend signals. It is worth noting that a breakthrough of 73.80 will push the price to continue to rise, and the next target is 76.10;
A break below the 72.60 support would push the price to test the key support at 71.55 before any fresh upside attempts. Today’s trading range is expected to be between 71.70-75.00.