US Crude Oil 1D (Outlook)
Updated
US Crude Oil
OUTLOOK
Risk appetite declined during crude oil trading today, driven by growing fears of a global economic recession, in addition to the decline in Chinese industrial production and its indications of deterioration in Chinese demand - which is the largest importer of crude oil in the world - which led to a decline in oil market expectations regarding the recovery of demand for oil. crude oil, which in turn boosted the bearish momentum of oil trading.
the price can broke the strong resistance zone 82.32 - 83.53 and after that back of to under the area due to the china situation
Currently , consolidation under the resistance area is important for Oil to visit the previous broken areas and the line of 78.73 can be tested or the price can go a little further for example 76.93 and 74.66
as for renewing the bullish attempts, this requires the price to consolidation above resistance area which is help the price to start a positive attack to reach the next resistance line
additionally , tomorrow we have US crude oil stocks and will affect the market directly
support line : 78.73 , 76.93
resistance line : 82.32 , 83.53
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OUTLOOK
Risk appetite declined during crude oil trading today, driven by growing fears of a global economic recession, in addition to the decline in Chinese industrial production and its indications of deterioration in Chinese demand - which is the largest importer of crude oil in the world - which led to a decline in oil market expectations regarding the recovery of demand for oil. crude oil, which in turn boosted the bearish momentum of oil trading.
the price can broke the strong resistance zone 82.32 - 83.53 and after that back of to under the area due to the china situation
Currently , consolidation under the resistance area is important for Oil to visit the previous broken areas and the line of 78.73 can be tested or the price can go a little further for example 76.93 and 74.66
as for renewing the bullish attempts, this requires the price to consolidation above resistance area which is help the price to start a positive attack to reach the next resistance line
additionally , tomorrow we have US crude oil stocks and will affect the market directly
support line : 78.73 , 76.93
resistance line : 82.32 , 83.53
If this post was useful to you , don't forget to subscribe and like , Thanks ❤️
Note
as we motioned the direction is downtrend and price get a profit about 150 pip currently , the price will be continue at the bearish trend but first should stable under 80.61 and then will reach 78.73
Note
as we said stabilized under 80.61 the oil will be continue at the bearish trend and the price reached our target which is 78.73Now , the price try to retest to the previous resistance line 80.60 and then we will see more bearish and to be sure should stable under 78.73 and then sell it again
Note
USOIL Update
Now the price will be under sell pressure because price reach the resistance line and it is the final point of retest so 80.51 the price will be continue at the bearish trend to reach 78.73 and under that 76.93
support line :78.73 ,76.93
resistance line :80.53 , 82.32
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