In our 1H and 4H Chart 
USOIL The price has finished its correction heading into a new uptrend cycle where it has finished its sub-wave 2, which it is a required correction. However, for its confirmation we must see the price break $78.5 as a main resistance. This might generate momentum that could drive prices between $81 to $85 per barrel in the coming days; creating our third short-term sub-wave.
Taking into account the production cuts from OPEC and Saudi Arabia, the latter has decided to maintain the cuts until spring, which generates pressure on crude oil prices.
Support Areas: $75, $72.5 and $68
Resistance Areas: $78.5, $81, $83.3, $85
USOIL The price has finished its correction heading into a new uptrend cycle where it has finished its sub-wave 2, which it is a required correction. However, for its confirmation we must see the price break $78.5 as a main resistance. This might generate momentum that could drive prices between $81 to $85 per barrel in the coming days; creating our third short-term sub-wave.Taking into account the production cuts from OPEC and Saudi Arabia, the latter has decided to maintain the cuts until spring, which generates pressure on crude oil prices.
Support Areas: $75, $72.5 and $68
Resistance Areas: $78.5, $81, $83.3, $85
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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.
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.