West Texas Intermediate (WTI) bears come in greater numbers after the bearish outside range day (Engulfing) Japanese candlestick confirmed

July 1, 2022 - 2 months ago

West Texas Intermediate (WTI), the benchmark for New York-traded crude oil prices, took another downward approach on Thursday and confirmed the bearish outside range day or (Engulfing) Japanese candlestick after crushing the 107.00 support.

Adding to the bearish weight, lingering fears of a recession have disrupted demand, putting the benchmarks on track for their third straight weekly losses.

On Thursday, the OPEC+ group of producers, including Russia, agreed to stick to its output strategy after two days of meetings.

However, the producers avoided discussing policy from September onwards. The 107.00 break now strengthens the bearish sentiment to a potential target of 102.00.

Any retracement does, however, have the legs to rechallenge the break level of $107.00-65 before any retreat/rejection.