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(WCTW) Coiling
WCTW

(WCTW) Coiling

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HFI Research
Jul 23, 2024
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Hands pulling rubber band

The oil market is coiling, technically speaking.

For those of you unfamiliar with technical analysis jargon, the basic premise is the triangle formation you can see in the chart above. The trading pattern gets narrower and narrower until a more decisive break occurs.

In this case, we think the technical break happens to the upside. I think we could see WTI reach ~$95 this year if things go according to plan. On the lower end, we see WTI reaching ~$90/bbl.

What needs to happen fundamentally for this to happen?

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