WTI crude oil prices encounter solid resistance (June 6)

On June 6th, the analysts of Economies.com have the latest opinion today: WTI crude oil prices strongly corrected and fell after encountering solid resistance at 73.80, and tested the key support level of 71.55 and stabilized. Technical indicators are providing bullish signals to support the strength of the current support area, making a bullish trading opportunity valid in the future. We see a sideways movement between the mentioned levels, waiting for a breakout of one of them to clearly define its next target. It should be noted that a break of resistance would push the price for additional gains to 76.10, while a break of support would signal the formation of a downtrend and would push prices down to 70.00, followed by 68.75 as the main downside target. Today’s expected trading range is between 70.00 support and 73.80 resistance.