Waiting for the bulls’ counterattack
Oil prices fell back below the 10-day moving average, but the market is still bullish.
The main reasons for the fall in crude oil prices may include the fact that the Saudi energy minister defended the production cut and claimed that extending the production cut was not to push up oil prices; the Federal Reserve kept interest rates unchanged.
If the support level of crude oil does not break 87.6 and the resistance level does not break 90, it will continue to rise slowly in range trading.
Note
close to 90Note
waiting for 91Trade active
Note
Both attempts to break through the 91 resistance level failed. Waiting for another breakthroughTrade active
Trade active
91.3 waiting for 91.8Trade active
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.