After failing to close above the upper border and the 78 resistance level, and amid renewed hopes for a Middle East ceasefire, oil prices dropped sharply back toward the neckline of the inverted head and shoulders formation—initially broken ahead of the recent war escalation—at 64.70.
A sustained move below that neckline could target crude prices toward the mid-zone of the established channel, near 63.40 and 61.40, where another rebound may take shape.
On the upside, if a clear recovery re-emerges above the 72-mark, the potential for a breakout above the 78-resistance could return, opening the door to revisit the 80 and 83.50 highs.
— Razan Hilal, CMT
A sustained move below that neckline could target crude prices toward the mid-zone of the established channel, near 63.40 and 61.40, where another rebound may take shape.
On the upside, if a clear recovery re-emerges above the 72-mark, the potential for a breakout above the 78-resistance could return, opening the door to revisit the 80 and 83.50 highs.
— Razan Hilal, CMT
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.
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.