USOIL- Trading above Strong Level of 71.77

8月5日

Crude oil prices fell sharply for the third day, driven by recession fears and disappointing US labor data. Market panic overshadowed Middle East tensions, with rising unemployment and slowing job growth fueling concerns. The Federal Reserve's cautious approach on interest rates added to worries about declining US crude demand and worsening European recession risks.

Generally, the direction is a downward trend

Uptrend Scenario: Oil prices are currently above the crucial 71.77 level. Sustaining this level will support a rise to the resistance at 73.81, and potentially further to 76.02.

Downtrend Scenario: If the price falls below 71.77, it could trigger a bearish trend towards the support levels of 69.51 and 68.00.

Tendency Keys: 71.77

8月7日

交易开始

Uptrend Scenario: The oil price is currently trading positively and approaching the $76.02 level. It is important to monitor the upcoming trades, as confirming a breakout above this level could lead to further gains throughout the day, with the price potentially reaching the $78.63 level.

Downtrend Scenario: For a bearish trend to be revived, the price needs to trade below $73.93. If this occurs, the next main target would be $71.77.

8月8日

交易开始

Still active toward resistance of 76.2.