- Key Insights: The crude oil market is exhibiting bearish momentum with lower
highs and lower lows. Key geopolitical factors will remain pivotal in
determining price trends. Investors are advised to monitor resistance levels
closely, as any breaches could alter the current outlook.
- Price Targets: Next week targets are T1 at $70.50 and T2 at $68.50. Stop
levels are S1 at $73.00 and S2 at $75.00.
- Recent Performance: Crude oil has been trapped in a bearish channel, with
significant resistance at $73.50. The trend of lower price action is
influenced by a combination of supply/demand dynamics and market sentiment.
- Expert Analysis: Experts indicate sustained pressure on crude oil prices
unless resistance at $73.50 is overcome. The potential for a shift in focus
towards commodities could heighten market volatility, yet bearish sentiment
remains due to current pressures.
- News Impact: Recent geopolitical tensions, particularly in the Middle East,
coupled with fluctuating sanctions on Russia, are impacting oil price
stability. Developments from Saudi Aramco regarding pricing strategies also
add to the uncertainty facing the crude oil market.
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.
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.