Weakness Likely To Continue In WTI Crude Oil Prices
Satendra Singh | Jun 10, 2018 03:25AM ET
Concerns about surging US production and falling demand in China seems to be more in favor of oil bears during the coming weeks. OPEC countries are going to meet on June 22, 2018 to determine future production. I believe that OPEC will vote to increase production. Crude Oil WTI Futures have been trading under liquidation pressure due to comments from Russia and Saudi Arabia that they could consider curbing their output cuts when they meet on June 22.
Technically, I find the possiblities of a gap-down opening in the daily chart on the first trading session for the Week of June 10th, 2018 will confirm the continuity of this fall in WTI Crude Oil futures over the coming weeks. But till the upcoming OPEC meet on June 22nd, 2018, we may see growing volatility in WTI Crude Oil futures due to changing expectation of traders about the final out of the meet.
No doubt, during this downward voyage, with no sign of any positive news amid growing geopolitical moves, we may see some dead-cat-bounce moves from the lower levels for the short-term duration until major production cuts. I expect the below trading zones for the Week of June 10th, 2018. To understand the following charts look here .
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