US OIL (WTI/USD) – Week 10 – Pullback before $70?
Oil rallied in the second half of last week, with the barrel price reaching $66 after the news that OPEC and a Russia-led alliance of oil producers kept most of their production cuts in place, taking the market by surprise.
From a technical perspective, the price reached a strong weekly resistance area and we anticipate it to hang around this area for a while, entering a corrective phase that can drive the value of this commodity towards the $62 area.
We recommend focusing on other instruments for now, as the bullish momentum is still strong and the price may continue to rise.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
From a technical perspective, the price reached a strong weekly resistance area and we anticipate it to hang around this area for a while, entering a corrective phase that can drive the value of this commodity towards the $62 area.
We recommend focusing on other instruments for now, as the bullish momentum is still strong and the price may continue to rise.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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.