A strong upward movement in June shows who really rules the market and it increases the oil price. A sustained and decisive overcoming of USD 68.60 level opens the way to higher value, set at USD 78.80 level. This level is limited by 61.8 percent drop after the previous downward structure of USD 79.40. The permanent overcoming of the range USD 78.80 – 79.40 will therefore be very difficult, according to the analysis by Marek Paciorkowski, Director of Financial Markets, Aforti Exchange.
Due to very clear increases in June, July may bring a local correction in the market, however, until the USD 70.60 level is maintained, the further rise in the market remains the primary scenario.
I mentioned more than once on the strength and significance of the 1.1450 level, however the local minimum at the price of 1.1650 turned out to be sufficient support for the market.
The ending of the second month in a row above the level of 1.1650 is, however, much more important – the upward trend has been maintained, which will support the demand in July. It should also be mentioned about 38.2 percent drop in the previous upward structure, which coincides with the level of 1.1650. All these elements predict a greater rebound of the market to the level of estimated 1.1920.