US Crude Oil (still bearish)
Updated
USOIL
OUTLOOK
Oil closed its weekly trading with an increase on Thursday and Friday, respectively, but the gains were not enough to compensate for the losses from the beginning of the week, which led the market to decline for the second week in a row amid signs indicating that the Federal Reserve did not finish raising interest rates to control inflation in United State.
Friday's rally in oil prices may have been influenced to some extent by signals from the Federal Reserve that it intends to keep US interest rates as high as necessary to bring inflation back to its long-term target of 2% annually.
On the 4H time frame as we see the price tried to stable under 78.10 but couldn't and rose up to resistance line 80.53 so as long as price trade under 80.53 the price will support to downtrend and will continue at the bearish trend but to confirm the bearish tendency , the price should stable under 78.10 and then our target will be 77.23 , 75.90 and 74.62 and it is
consolidation above 80.53 it will not end the bearish tendency but it will postponed it and the price will try to reach 82.32 and then will drop again and uptrend its a little bit likely
on the daily time frame as we see on the second chart in bellow once the stable under 78.10 by 1D candle the price will targeting the next support zone 73.10 - 74.62 and above 78.71 it is possible to retest to resistance zone and then drop again
The expect trading range for this week will be between 78.10 and 80.53 until breaking one of them
support line : 78.71 , 78.10
resistance line : 80.53 , 82.32
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Oil closed its weekly trading with an increase on Thursday and Friday, respectively, but the gains were not enough to compensate for the losses from the beginning of the week, which led the market to decline for the second week in a row amid signs indicating that the Federal Reserve did not finish raising interest rates to control inflation in United State.
Friday's rally in oil prices may have been influenced to some extent by signals from the Federal Reserve that it intends to keep US interest rates as high as necessary to bring inflation back to its long-term target of 2% annually.
On the 4H time frame as we see the price tried to stable under 78.10 but couldn't and rose up to resistance line 80.53 so as long as price trade under 80.53 the price will support to downtrend and will continue at the bearish trend but to confirm the bearish tendency , the price should stable under 78.10 and then our target will be 77.23 , 75.90 and 74.62 and it is
consolidation above 80.53 it will not end the bearish tendency but it will postponed it and the price will try to reach 82.32 and then will drop again and uptrend its a little bit likely
on the daily time frame as we see on the second chart in bellow once the stable under 78.10 by 1D candle the price will targeting the next support zone 73.10 - 74.62 and above 78.71 it is possible to retest to resistance zone and then drop again
The expect trading range for this week will be between 78.10 and 80.53 until breaking one of them
support line : 78.71 , 78.10
resistance line : 80.53 , 82.32
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Note
USOILUPDATE
Oil prices are rising as China takes steps to support its economy
And as we said , consolidation above 80.53 it will support the price to reach the next resistance zone so our target will be 81.53 and 82.32
for any reasons if price back off and stable under 80.53 the price will be under sell pressure again and it will help the price to visit the previous broken areas which is 78.71 and 78.10
support line : 80.53 , 78.71
resistance line : 81.53 , 82.32
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