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Oil prices surged to a one-week high on Friday, driven by positive inflation data from China and growing global supply concerns amid recent escalations in geopolitical tensions.
Generally, the Direction: is a bearish trend
Uptrend Side: As we mentioned in our previous idea, the price rose and reached our target. Currently, the price is trading above the support of 76.06 and trying to stabilize above it. A break under it will fall to touch 76.16, and below this level, it will touch 74.72.
Downtrend Side: reversing and reaching under 76.06, it looks like it will drop to touch the 73.93 level; any breaking under this level will result in a drop to 71.77.
Tendency Keys: 76.06
Generally, the Direction: is a bearish trend
Uptrend Side: As we mentioned in our previous idea, the price rose and reached our target. Currently, the price is trading above the support of 76.06 and trying to stabilize above it. A break under it will fall to touch 76.16, and below this level, it will touch 74.72.
Downtrend Side: reversing and reaching under 76.06, it looks like it will drop to touch the 73.93 level; any breaking under this level will result in a drop to 71.77.
Tendency Keys: 76.06
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