Forex Brokers Award 2021
Vote your favourite broker

WTI Crude Oil Reverses Gains After Rising Above 35.50

Jun 2 2020, 06:42 PM (BDT) |

wti crude oil

Oil prices rose to a two-month high on Monday, briefly rising above 35.50. But prices quickly gave up the gains.

The retracement will likely see support forming near the 33.66 level. A reversal off this level will support the upside bias.

Oil prices need to follow through by posting a higher high. Else, this could potentially keep price action subdued but supported above the 35.50 level.

There is of course the risk of a move lower.

A close below 33.66 could open the downside risk for a move towards the 27.95 level.

Given that support hasn’t been tested at this level, the 27.95 remains a prime target.

At Orbex, the client is at the heart of everything we do and everything we do is designed to guarantee your satisfaction. Here’s how Forex Trading with Orbex will enhance your trading experience: Best-in-class customer service, including live chat and free webcall One-hour response time for sales and support requests Multiple asset trading and ECN accounts on MT4 0.9 pip fixed spread at ZERO commission Up to 1:500 leverage