CL OIL H4 5 March 2024
CL OIL, H4
In the latest session, oil prices saw a decline of over 1.3%, following a surge prompted by OPEC+'s announcement to extend its supply cut measures. The downturn is attributed to profit-taking activities among traders as oil prices neared their highest point since last November. Market participants are closely monitoring the ongoing developments from China's People's Congress meeting, with updates from the event anticipated to significantly influence oil price trends.
Oil prices have declined to their support level of 78.65 level, which is at a potential rebound level. Suggesting the bullish momentum is easing.
Resistance level: 78.65, 81.20
Support level: 75.20, 71.80
In the latest session, oil prices saw a decline of over 1.3%, following a surge prompted by OPEC+'s announcement to extend its supply cut measures. The downturn is attributed to profit-taking activities among traders as oil prices neared their highest point since last November. Market participants are closely monitoring the ongoing developments from China's People's Congress meeting, with updates from the event anticipated to significantly influence oil price trends.
Oil prices have declined to their support level of 78.65 level, which is at a potential rebound level. Suggesting the bullish momentum is easing.
Resistance level: 78.65, 81.20
Support level: 75.20, 71.80
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