Technical Outlook of Crude oil ( WTI )
Crude oil prices experienced a decline, reaching the lowest point since November, attributed to a growing surplus in supply. Despite the OPEC+ official announcement, oil prices have maintained relative stability in the aftermath. Participants within OPEC+ are recognizing the missed opportunity and attempting to mitigate the situation through additional comments, such as those made by the Saudi Energy Minister.
In terms of technical analysis, the $80.00 mark serves as a crucial resistance level. If crude oil manages to surpass this threshold, the next resistance is anticipated at $84.00 (represented by the purple line), where selling pressure or profit-taking may occur. Conversely, the soft support near $74.00 is currently under pressure, acting as the final defense before potentially entering a range of $70.00 and below. Traders should monitor the $67.00 level, marked by a triple bottom from June, as the next significant support level.
Revised Support Levels:
$71.50 to $70.80
Revised Resistance Levels:
$73.50 to $74.80
In terms of technical analysis, the $80.00 mark serves as a crucial resistance level. If crude oil manages to surpass this threshold, the next resistance is anticipated at $84.00 (represented by the purple line), where selling pressure or profit-taking may occur. Conversely, the soft support near $74.00 is currently under pressure, acting as the final defense before potentially entering a range of $70.00 and below. Traders should monitor the $67.00 level, marked by a triple bottom from June, as the next significant support level.
Revised Support Levels:
$71.50 to $70.80
Revised Resistance Levels:
$73.50 to $74.80