Technical analysis: WTI crude oil faces downward pressure

July 10th, Economies analysts’ latest opinion today: WTI crude oil prices encountered resistance at 73.80 and were negatively affected by stochastic indicators, which may push prices back down and start to build a short-term downward band.

Now, we are more inclined to stay on the sidelines until we get clearer trend signals.

It is worth noting that a break of 73.80 will push the price to continue to rise, and the next target is 76.10; while a break of the 72.60 support will push the price to test the key support level of 71.55 before any new upward attempts.

Today’s trading range is expected to be between 71.70-75.00.