WTI recovers into the $72s territory for the close

WTI bulls move in for the kill from support.
The $72s are on the bulls radar.

Ross J Burland FXStreet

WTI is trying to correct but remains down on the day as the black gold consolidates into the weekend at around $71.85.

From a point of view from analysts at TD Securities, ´´the positioning set-up in energy markets remains extremely supportive of the medium-term outlook, given that money manager participation in crude markets is at least at a decade low.´´

The analysts argued that there are substantial capital inflows moving into the sector as fundamentals begin to tighten in the second half of this year, particularly given that demand data continues to beat expectations.

´´Over the near-term, lower liquidity continues to whipsaw trend followers, with poor sentiment keeping a lid on prices while physical markets continue to work through the inventory overhang.´´

WTI technical analysis

The bullish correction is firm and pressures potential resistance:ñ

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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