Navigating WTI Crude Oil: Key Levels for Pullback and Breakout,
Updated
Resistance Levels:
1. Resistance at $89.01 and $91.11: These levels represent significant barriers where selling pressure may intensify. Traders should watch for price action near these levels, as a breakout above could indicate further bullish momentum.
2. Secondary Resistance at $93.73 and $95.00: These are additional resistance levels beyond the initial barriers. Breakouts above these levels could signal a strong uptrend continuation.
Support Levels:
1. Support at $80.02 and $77.80: These levels act as floors where buying interest is expected to emerge. Traders can watch for potential pullbacks to these levels to enter long positions, anticipating a bounce.
2. Secondary Support at $76.80 and $75.50: These are further support zones below the initial levels. Monitoring price reactions near these areas could offer additional entry opportunities for long positions.
like comment and follow thanks for support.
1. Resistance at $89.01 and $91.11: These levels represent significant barriers where selling pressure may intensify. Traders should watch for price action near these levels, as a breakout above could indicate further bullish momentum.
2. Secondary Resistance at $93.73 and $95.00: These are additional resistance levels beyond the initial barriers. Breakouts above these levels could signal a strong uptrend continuation.
Support Levels:
1. Support at $80.02 and $77.80: These levels act as floors where buying interest is expected to emerge. Traders can watch for potential pullbacks to these levels to enter long positions, anticipating a bounce.
2. Secondary Support at $76.80 and $75.50: These are further support zones below the initial levels. Monitoring price reactions near these areas could offer additional entry opportunities for long positions.
like comment and follow thanks for support.
Trade active
Oil continues its gains as geopolitical supply risks intensifyOil prices continued their gains on Wednesday as investors monitored concerns about crude and fuel supplies in the wake of Ukrainian attacks on Russian refineries and the possibility of the war between Israel and the Palestinian Islamic Resistance Movement (Hamas) expanding to directly include Iran.
Brent crude futures for June delivery rose 17 cents, or 0.19 percent, to $89.09 a barrel, while US West Texas Intermediate crude futures for May delivery rose seven cents, or 0.8 percent, to $85.22 a barrel.
Brent and West Texas Intermediate crude oil rose 1.7 percent in the previous session to their highest levels since October.
Prices rose after a Ukrainian drone attack on another Russian refinery threatened to disrupt more of the country's refining capacity, limiting gasoline and diesel fuel production. Russia is among the world's three largest oil producers and one of the largest exporters of petroleum products.
Investors are also concerned that Iranian retaliation against Israel for the attack that occurred on Monday, which led to the killing of senior military personnel, could lead to a supply disruption in the main production region in the Middle East, after Tehran vowed revenge. Iran, which provides support to Hamas, which is fighting Israel in the Gaza Strip, is the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC).
“Geopolitical tensions continue to cast uncertainty over potential supply disruptions,” said Yip Jun Rong, a market strategist at IG, adding that oil prices continued to rise to their highest level in five months, with the trend maintaining the upward trend.
Also in a reduction in supplies, an internal document seen by Reuters showed that Mexican state energy company Pemex asked its trading unit to cancel up to 436,000 barrels per day of crude exports this month as it prepares to process domestic oil at the new Dos Bocas refinery.
Trade active
U.S. crude oil hovers around $85 as gas prices hit highest level since October
Crude oil futures edged lower Thursday, taking a breather as traders took stock of the market after prices advanced more than 2% this week to hit the highest level since October.
The West Texas Intermediate contract for May delivery fell 31 cents to $85.10 a barrel, while the Brent
contract for June delivery lost 19 cents to $89.16.
Oil prices have rallied this year, booking three consecutive months of gains with U.S. crude adding 19% while Brent is up about 16%.
Prices at the pump averaged $3.57 per gallon nationwide Thursday, the highest level since Oct. 18, according to data from the motorist association AAA. Gasoline prices typically rise as the summer driving season draws closer, but mounting geopolitical tensions and tight crude market are also at play.
The crude oil rally comes as the wars in Eastern Europe and the Middle East raise renewed fears about supply disruptions. Ukraine has repeatedly struck Russian oil refineries, reducing the OPEC+ member’s capacity.
Trade active
US Texas crude futures rose $1.16, or 1.36%, to reach $86.59 per barrel upon settlement..Trade active
US oil production is constrained despite rising crude oil prices
Despite the significant rise in US crude oil prices that have peaked for the year, US shale drilling companies are not increasing their production due to a combination of factors including low natural gas prices, increasing operational costs, and a strategic focus on maximizing returns. Contributors. Global oil benchmark Brent crude oil traded above $91 a barrel last week, while U.S. West Texas Intermediate crude futures topped $86 a barrel, the highest level since October.
Supply concerns stemming from attacks on Russian oil infrastructure and global shipping, coupled with production cuts by OPEC and its allies, have pushed oil prices higher. Bank of America has revised its 2024 Brent and WTI price forecasts to $86 and $81 per barrel, respectively, expecting the price to peak at around $95 per barrel this summer.
if you like this idea please support my work.
JOIN MY TELEGRAM CHANNEL
t.me/+f1Us-87EPS43Mzg0
🟢 Join Free Telegram Channel
t.me/+KsrkFFjw_K41MDk0
t.me/+f1Us-87EPS43Mzg0
🟢 Join Free Telegram Channel
t.me/+KsrkFFjw_K41MDk0
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.