Crude oil price analysis, false breakout or New Cc for new trend
OPEC+ is expected to further support the oil markets this year through upcoming meetings in Vienna this April and another one in June.
Starting the year, the group has already rolled out the plan to cut 1.2 million bdp in crude supply to prevent prices from falling and tighten the market.
The crude is currently priced at $56.34.
In technical Preview four Cross Moving average have seen inside
The trend in a different measure in price 56.27, 56.46, 56.30 and 56.19.
Current price can be a possible false breakout and produce small pullback
But if price break the trend and form a confirmation candle show example on the chart
Will carry a possible new uptrend.
Here is the Support and resistance level
S1 56.04
S2 55.25
S3 55.08
PP 56.25
R1 56.79
R2 57.13
R3 57.52
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Starting the year, the group has already rolled out the plan to cut 1.2 million bdp in crude supply to prevent prices from falling and tighten the market.
The crude is currently priced at $56.34.
In technical Preview four Cross Moving average have seen inside
The trend in a different measure in price 56.27, 56.46, 56.30 and 56.19.
Current price can be a possible false breakout and produce small pullback
But if price break the trend and form a confirmation candle show example on the chart
Will carry a possible new uptrend.
Here is the Support and resistance level
S1 56.04
S2 55.25
S3 55.08
PP 56.25
R1 56.79
R2 57.13
R3 57.52
Hit Like and Follow
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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.
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.