Following crude oil’s rebound from its September 2024 low of $65.20, the risk of a reversal remains uncertain amid ongoing bearish pressures.
Key Events This Week:
Potential Scenarios:
🔻 Bearish Scenario:
A clean break below $65 could extend losses toward $63.80, a key level that may determine whether the market holds neutral and rebounds or breaks further into a steeper bearish trend towards $62, $60, and $55 (the 0.618 Fibonacci retracement of the 2020–2022 uptrend).
🔺 Bullish Scenario:
If the rebound sustains above $67, resistance levels at $68.70, $70.80, and $72.50 could come back into play.
- Razan Hilal, CMT
Key Events This Week:
- Chinese deflation risks
- OPEC monthly report
- US CPI data
- Trade war developments
Potential Scenarios:
🔻 Bearish Scenario:
A clean break below $65 could extend losses toward $63.80, a key level that may determine whether the market holds neutral and rebounds or breaks further into a steeper bearish trend towards $62, $60, and $55 (the 0.618 Fibonacci retracement of the 2020–2022 uptrend).
🔺 Bullish Scenario:
If the rebound sustains above $67, resistance levels at $68.70, $70.80, and $72.50 could come back into play.
- 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.