empty
27.06.2022 06:41 AM
Trading Signal for Crude Oil (WTI - #CL) on June 27-28, 2022: sell in case of pullback at 109.50 (200 EMA)

This image is no longer relevant

WTI prices pulled back sharply last week and returned to the 101.53 area. This fall was due to fears about a recession amid rising inflation and in line with the sharp decline in the main Wall Street indices. Despite growing recession concerns, as long as WTI trades above $100.00, it suggests that traders still expect to see high demand and limited supply during the month of July.

Investors fear that the slowdown in economic activity will lead to lower global demand for crude oil. If this trend continues, it could lead to a drop to $90.00 in the next few weeks.

Last week, the US Energy Information Administration (EIA) inventory report was postponed until next week. OPEC+ members will meet this week. Investors expect major oil producers to stick with their plan to increase output to 648,000 barrels per day in August.

On June 27 and 29, crude inventories will be published. Both events could give us a clue and this could determine the weekly WTI trend which is likely to continue falling in the coming days.

After having reached the low of 101.56 on June 22nd, crude has been bouncing and today it is above the 21 SMA located at 106.12. Given that crude oil has strong resistance at the 200 EMA located at around 109.20, it is likely that it will be an opportunity to sell if the price approaches this area.

Since June 22nd, crude is oscillating inside an uptrend channel and is likely to continue trading this way in the next few hours and could reach the top of 109.50 or bounce around 105.50.

The short-term trend remains bearish as crude trades below the 21 SMA on daily charts located at 113.20. Therefore, any attempt to approach this resistance zone in the next few days will be an opportunity to sell. So, WTI could resume the downtrend and reach the psychological level of $100.00.

A daily close above 113.50 could revive the main trend and we could expect crude to hit the zone 4/8 Murray at 125.00.

On the other hand, a sharp break of the bullish channel and a daily close below 105.00 could trigger the secondary downtrend and WTI price could reach the area of 103.50 and even 0/8 Murray at 100.00.

Dimitrios Zappas,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Update on US stock market on June 5

S&P500 The US stock market comes to a halt ahead of the US nonfarm payrolls Snapshot of major US indices on Wednesday: Dow -0.2%, NASDAQ +0.3%, S&P 500 flat

Jozef Kovach 12:49 2025-06-05 UTC+2

Stock Market on May 5th: S&P 500 and NASDAQ Slowed Down Growth

At the end of the last regular session, U.S. stock indices closed with modest gains. The S&P 500 rose by 0.01%, and the Nasdaq 100 added 0.32%. The Dow Jones

Jakub Novak 10:40 2025-06-05 UTC+2

Update on US stock market on June 4

S&P500 The US stock market is extending its growth Snapshot of major US stock indexes on Tuesday: Dow +0.5%, NASDAQ +0.8%, S&P 500 +0.6%, S&P 500 at 5,970

Jozef Kovach 10:19 2025-06-04 UTC+2

Stock Market on June 4: S&P 500 and NASDAQ Showed Strong Daily Growth

At the end of the last regular session, U.S. stock indices closed higher. The S&P 500 rose by 0.58%, while the Nasdaq 100 gained 0.81%. The industrial Dow Jones strengthened

Jakub Novak 09:34 2025-06-04 UTC+2

Update on US stock market on June 03

S&P500 Snapshot of major US stock indices on Monday: Dow +0.1%, NASDAQ +0.7%, S&P 500 +0.4%, S&P 500 at 5,936, within the range of 5,400 to 6,200 The stock market

Jozef Kovach 11:41 2025-06-03 UTC+2

Stock market recap on May 3: S&P 500 and Nasdaq resume losses

Following the previous regular session, US equity indices closed higher. The S&P 500 rose 0.41%, while the Nasdaq 100 gained 0.67%. The Dow Jones Industrial Average edged up by 0.08%

Jakub Novak 11:33 2025-06-03 UTC+2

Stock market recap for May 2: S&P 500 and Nasdaq under renewed pressure

US equity indices closed mixed in the latest regular trading session. The S&P 500 slipped 0.01%, while the Nasdaq 100 dropped 0.32%. The industrial Dow Jones eked out a gain

Jakub Novak 12:41 2025-06-02 UTC+2

Update on US stock market on June 2. Market consolidating just below highs

S&P500 Snapshot of major US stock indices on Friday: Dow +0.1%, NASDAQ -0.3%, S&P 500 flat (0%), closing at 5911, within the 5400–6200 range. Catalysts of the trading session

Jozef Kovach 12:39 2025-06-02 UTC+2

Stock Market on May 30th: S&P 500 and NASDAQ Resume Decline

At the close of the latest regular session, U.S. stock indices posted modest gains. The S&P 500 rose by 0.40%, the Nasdaq 100 added 0.39%, and the Dow Jones Industrial

Jakub Novak 10:45 2025-05-30 UTC+2

US Market: Court overturns trump tariffs

S&P 500 Market overview on 29.05 A federal court in the US has struck down all of former President Trump's trade tariffs. Major US indices on Wednesday: Dow -0.6%, NASDAQ

Jozef Kovach 12:53 2025-05-29 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.