Crude Oil Technical Analysis
Updated
Oil is trading bullishly above the 100-period simple moving average (SMA) and created a Fair Value Gap (FVG) on October 31. Technical indicators suggest that while the primary trend is bullish, oil is overpriced in the short term.
From a technical perspective, crude oil has the potential to fill the gap around $70.00 before the uptrend resumes. The FVG area provides a solid entry point for bullish positions.
The trend outlook remains bullish as long as the $69.70 support holds. That said, the next bullish target will likely be the $72.25 resistance level.
From a technical perspective, crude oil has the potential to fill the gap around $70.00 before the uptrend resumes. The FVG area provides a solid entry point for bullish positions.
The trend outlook remains bullish as long as the $69.70 support holds. That said, the next bullish target will likely be the $72.25 resistance level.
Note
On Monday, the price of WTI crude oil rose by 3%, reaching $71.50 per barrel. This increase occurred after OPEC+, a group of major oil-producing countries, decided to delay their planned boost in oil production by one month. They will continue their production cuts of 2.2 million barrels per day until December. Originally, they intended to increase output by 180,000 barrels per day, but they postponed this due to falling prices and weak demand.Trade closed: target reached
The $72.75 target is reached. 
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