USOUSD (Oil) Key support follow up.
Thanks for checking our latest update, and happy new year to all. Today, we have followed up on our last oil update. You can see this update on the link below.
The main topic of the last update was a key support area. The area held, and we saw a new rally develop. Today, we have looked at that rally and asked if it's going to break the long-term downtrend or if we could see price contnue to remain rangebound.
We see short-term resistance at $74.75 and short-term support at $73.20.
As always, traders must remain vigilant and stay abreast of the latest updates from OPEC and geopolitical influences, as these factors can significantly impact the market.
Good trading from Eightcap.
The main topic of the last update was a key support area. The area held, and we saw a new rally develop. Today, we have looked at that rally and asked if it's going to break the long-term downtrend or if we could see price contnue to remain rangebound.
We see short-term resistance at $74.75 and short-term support at $73.20.
As always, traders must remain vigilant and stay abreast of the latest updates from OPEC and geopolitical influences, as these factors can significantly impact the market.
Good trading from Eightcap.
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