US Crude Oil 4H (Still under sell pressure)
US Crude Oil
OUTLOOK
Crude oil price fluctuates quietly, to gradually move away from 79.00, to keep the bearish trend scenario valid and effective for the coming period.
In this regard; The bank's experts pointed out that with the long-term decline in supplies of the OPEC Plus alliance, oil prices will find clear support for the rise, in conjunction with a decline in Russia's supplies of crude oil as well, as expected.
And also; Analysts pointed out that with the commitment of the world's largest exporter of crude oil - Saudi Arabia to voluntary crude oil production cuts, in addition to its apparent willingness to extend the cuts, oil prices are likely to enjoy strong support due to these potential developments.
On the other hand; Economists of the American Bank believe that with increasing expectations about an increase in Iran's supplies of crude oil, oil prices may face downward pressure, especially after Iran's exports of crude oil rose by more than 500 thousand barrels per day to 2.2 million barrels per day.
Currently, Generally the direction is still downtrend and I expect the price will be continue at the bearish trend and price will try to reach 76.93
stabilized above 78.71 the market will needs a little correction and then will continue drop strong
the expect trading range for today it will be between 78.71 resistance line and 76.93 support line
Additionally , Today news will affect the market
support line : 76.93 , 74.50
resistance line : 78.71 , 81.37
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Crude oil price fluctuates quietly, to gradually move away from 79.00, to keep the bearish trend scenario valid and effective for the coming period.
In this regard; The bank's experts pointed out that with the long-term decline in supplies of the OPEC Plus alliance, oil prices will find clear support for the rise, in conjunction with a decline in Russia's supplies of crude oil as well, as expected.
And also; Analysts pointed out that with the commitment of the world's largest exporter of crude oil - Saudi Arabia to voluntary crude oil production cuts, in addition to its apparent willingness to extend the cuts, oil prices are likely to enjoy strong support due to these potential developments.
On the other hand; Economists of the American Bank believe that with increasing expectations about an increase in Iran's supplies of crude oil, oil prices may face downward pressure, especially after Iran's exports of crude oil rose by more than 500 thousand barrels per day to 2.2 million barrels per day.
Currently, Generally the direction is still downtrend and I expect the price will be continue at the bearish trend and price will try to reach 76.93
stabilized above 78.71 the market will needs a little correction and then will continue drop strong
the expect trading range for today it will be between 78.71 resistance line and 76.93 support line
Additionally , Today news will affect the market
support line : 76.93 , 74.50
resistance line : 78.71 , 81.37
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
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