Today, there were no trades in crude oil. I anticipated an upward movement, but it reversed instead. According to the chart, if crude remains below 7100, it may be considered bearish.
A bullish signal is only confirmed if it rises above 7150.
Comment
⋅
#CrudeOil Update |Apr 10
🔸Technical Analysis: Oil prices remained stagnant following two consecutive days of decline. Bullish confirmation awaited upon breach above 7150.
🔸News Analysis: Reason for Stall: Ceasefire talks in Gaza and increased US oil inventories contributed to the stall. Upward Pressure: Prolonged conflict duration, potential Iran involvement, and lower US inflation data exert upward pressure. Forecast: US oil output forecast rises while Brent price forecast remains elevated.