During the European session, crude oil prices remained in a narrow range, and market participants refrained from taking major positions ahead of possible catalysts from the upcoming OPEC+ meeting and changing supply news. Prices showed signs of narrowing volatility near key resistance levels, suggesting that a breakout is imminent.
Crude oil is consolidating below a dense resistance area centered around the pivot point near $62.59. A decisive breakout of this area would open up space for the next upside targets of $64.19 and $64.90. On the downside, the 50% retracement level of $59.51 is a key technical support level, setting the recent price range. Before a breakout occurs, traders should expect prices to continue to consolidate.
Market sentiment could improve further if diplomatic progress between the United States and Iran continues. On Wednesday, Iran's nuclear chief said that U.S. inspectors might be allowed access to nuclear facilities, but only if negotiations with Washington are successful. Any reduction in geopolitical risk or resumption of Iranian crude oil exports could have a significant impact on the global supply balance.
Prices are consolidating below the major resistance area, with a bullish setup yet to be confirmed. Tight supply from Venezuela and Canada is putting upward pressure, while clear signals on OPEC+ production this weekend could be a trigger. A sustained move above $62.60 could lead to a retest of the March high, confirming a short-term bullish outlook.
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Crude oil is consolidating below a dense resistance area centered around the pivot point near $62.59. A decisive breakout of this area would open up space for the next upside targets of $64.19 and $64.90. On the downside, the 50% retracement level of $59.51 is a key technical support level, setting the recent price range. Before a breakout occurs, traders should expect prices to continue to consolidate.
Market sentiment could improve further if diplomatic progress between the United States and Iran continues. On Wednesday, Iran's nuclear chief said that U.S. inspectors might be allowed access to nuclear facilities, but only if negotiations with Washington are successful. Any reduction in geopolitical risk or resumption of Iranian crude oil exports could have a significant impact on the global supply balance.
Prices are consolidating below the major resistance area, with a bullish setup yet to be confirmed. Tight supply from Venezuela and Canada is putting upward pressure, while clear signals on OPEC+ production this weekend could be a trigger. A sustained move above $62.60 could lead to a retest of the March high, confirming a short-term bullish outlook.
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Good at solving all trading problems, doubling the account in a week, and making a stable profit of 300% in a month
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
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.