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Video: WTI Oil Price Building Momentum to $40 – Oil Price Analysis for June 2020

June 5, 2020 at 9:04 by Vladimir Vyun

In the present video, David Jones from Capital.com provides his forecast for crude oil in June 2020. He starts the video by discussing the recent bounce of prices from the April lows, with the value of crude more than tripling and almost reaching the important psychological $40 level. David then discusses factors that affect prices for crude, including the OPEC+ production cuts. Next, he lists important support and resistance levels. The video continues with charts and technical indicators, and David tries to answer the question: if crude have gone too far and a pullback is in order or there is still a room for going higher. In the end, he decides to place a buy order if the price pulls back, arguing that the uptrend remains in place and it is reasonable to buy the commodity when it is cheap. Only if prices go below $30 it will be time to change the outlook to bearish.

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