WTI (OIL.WTI) is recovering from a recent short-term correction and climbs back above the $69 per barrel. Oil, as well as other commodities, pulled back yesterday as the US dollar strengthened. Nevertheless, crude continues to trade near post-pandemic highs. Traders should keep in mind that today's US jobs data release at 1:30 pm BST may have an impact on US dollar and risk assets, and therefore oil may enjoy some elevated volatility as well.
Taking a look at OIL.WTI from a technical point of view, we can see that price has been trading in an upward channel recently. Recent peak at around $69.40 is a key short-term resistance level to watch. Breaking above this zone would mean reaching price levels not seen since late-2018. Should we see such a break, the next major resistance level to watch can be found at around $70.45 - exterior 161.8% retracement of mid-May correction. Near-term support can be found is marked with 127.2% retracement at around $68.50.
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Source: xStation5
