Chart of the Day – July 1, 2020

By: Chris Wenner in Charts 07/01/2020

WTI Crude looks like it wants to move higher.  This morning it traded right up to its downtrend, roughly $40.55, and retreated from there a few hours ago.  WTI was trading over $60/bl at the start of this year, and this $40.55 level is currently where that downtrend is.  There’s also a gap to fill @ 42.33.

Oil always has many elements dictating its price –  but looking at technicals alone – this looks like a constructive chart, especially over $40.55.

CW

 

By: Chris Wenner

Managing Director

Jonathan Molchan

Wennco's innovative strategies and robust OCIO capabilities are designed for RIAs, Family Offices, and high-net-worth individuals.

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