Oil Steady on U.S. Crude Decline and Possible OPEC+ Supply Hike
Oil Prices Edge Higher on U.S. Crude Stock Decline and Potential OPEC+ Supply Hike Delay
Oil prices firmed on Thursday, recovering slightly from multi-month lows amid speculation of a potential delay in OPEC+ output increases and a decline in U.S. crude inventories. However, lingering demand concerns continued to limit the gains.
Technical Outlook: The bearish trend is likely to persist, targeting 65.85 as long as the price remains below 69.78. A break above 69.78 could pave the way for a move towards 71.78 and 72.72.
Key Levels:
Pivot Point: 69.78
Support Levels: 67.75, 65.85
Resistance Levels: 71.78, 72.72
Expected Trading Range: 69.78 - 65.85
Trend: Bearish while the price remains under 69.78.
Oil prices firmed on Thursday, recovering slightly from multi-month lows amid speculation of a potential delay in OPEC+ output increases and a decline in U.S. crude inventories. However, lingering demand concerns continued to limit the gains.
Technical Outlook: The bearish trend is likely to persist, targeting 65.85 as long as the price remains below 69.78. A break above 69.78 could pave the way for a move towards 71.78 and 72.72.
Key Levels:
Pivot Point: 69.78
Support Levels: 67.75, 65.85
Resistance Levels: 71.78, 72.72
Expected Trading Range: 69.78 - 65.85
Trend: Bearish while the price remains under 69.78.
Trade closed: target reached
USOIL
Update
the price dropped as we mentioned previously and we got over 400 pip profit
and still running to get 65.00 as well as long as trades under 65.85
my free signals channel telegram
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~6 analyses per day. With a clear entry point
more than 1000 pip per week —— Accuracy +88%
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t.me/Srosh_signals
~6 analyses per day. With a clear entry point
more than 1000 pip per week —— Accuracy +88%
SM World and Economy News 24/7
Urgent News ⚡️:
t.me/SM_News_24h
Related publications
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.
my free signals channel telegram
t.me/Srosh_signals
~6 analyses per day. With a clear entry point
more than 1000 pip per week —— Accuracy +88%
SM World and Economy News 24/7
Urgent News ⚡️:
t.me/SM_News_24h
t.me/Srosh_signals
~6 analyses per day. With a clear entry point
more than 1000 pip per week —— Accuracy +88%
SM World and Economy News 24/7
Urgent News ⚡️:
t.me/SM_News_24h
Related publications
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.