Crude oil may bounce, but $70 is the magnet
Stocks of crude oil have not changed much since the end of January, in a plateau. That had stopped a losing streak for the WTI light oil contract and boosted a short-term recovery back to technical levels.
Geopolitics is a bearish factor, as US-Russia talks may create expectations of lifting some sanctions, so in a medium-term, Crude oil would probably stay around $70.
Technically, USOIL is moving in a correctional upswing having driven by the stagnating stocks in storage, colder weather and technically oversold condition: the price is consolidating below the 20 and 50 moving averages, and the next selling wave may be expected above static areas of resistance of $71 and $71, after which it may again pursue to $70 area as shown at the chart.
Don't forget to always do your own reserch and manage your risk!
Geopolitics is a bearish factor, as US-Russia talks may create expectations of lifting some sanctions, so in a medium-term, Crude oil would probably stay around $70.
Technically, USOIL is moving in a correctional upswing having driven by the stagnating stocks in storage, colder weather and technically oversold condition: the price is consolidating below the 20 and 50 moving averages, and the next selling wave may be expected above static areas of resistance of $71 and $71, after which it may again pursue to $70 area as shown at the chart.
Don't forget to always do your own reserch and manage your risk!
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.