Higher crude oil prices have influenced many aspects of everyday life from interest rate, economic forecasts and vacation plans. The weekly chart is resumed the primary bullish trend with the resistance level at 133 as a possible target.
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This is a discussion on Crude Oil Technical Analysis within the Forex Trading forums, part of the Trading Forum category; Higher crude oil prices have influenced many aspects of everyday life from interest rate, economic forecasts and vacation plans. The ...
Higher crude oil prices have influenced many aspects of everyday life from interest rate, economic forecasts and vacation plans. The weekly chart is resumed the primary bullish trend with the resistance level at 133 as a possible target.
more...
Oil sold off during the week and fell to its lowest level in nearly a month on growing recession fears, but the commodity could rebound soon, supported by extremely tight energy markets.
Daily price is breaking the support level at 115 to below for the Ichimoku cloud for the possible rannging market condition to be started.
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The price of oil has fallen roughly 20% from the 2022 high ($130.50). Crude may face a further decline over the coming months as rising output is met with easing demand. Weekly price is on bullish ranging within 115 resistance level for the bullish trend to be continuing and 104 support level for the secondary correction to be started.
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WTI prices have declined rather significantly as recession concerns build despite supply remaining extremely tight. Next week's Fed rate hike could add to that: on Wednesday the FOMC (the Fed’s rate setting committee) will decide by how much they are to raise the US Federal Funds Rate with markets expecting 75 basis points. Continuing to hike into weakness could add to recession fears and result in demand being revised lower along with oil prices.
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Technical analysis shows brent crude possibly in for further downside as $90 looks to trade support for resistance. The daily price is in oversold market condition and located below 200 SMA in the bearish area of the chart: the price is breaking support level at 87 to below for the bearish trend to be continuing. Alternatively, the price will be on secondary ranging within the s/r levels.
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