CL OIL, H4 7 March 2024
Oil prices have rebounded from their liquidity zone and maintained their previous high levels, forming a double top price pattern. The dovish stance from the Fed's testimony has provided support for higher oil prices. Additionally, the weekly U.S. oil reports falling short of expectations suggest an improvement in oil demand in the U.S., contributing to the positive momentum in the oil market.
Oil prices have rebounded but formed a double-top price pattern, suggesting a potential trend reversal for oil prices. Suggests the oil prices remain trading with bullish momentum.
Resistance level: 81.20, 84.10📉
Support level: 78.65, 75.20📈
Oil prices have rebounded from their liquidity zone and maintained their previous high levels, forming a double top price pattern. The dovish stance from the Fed's testimony has provided support for higher oil prices. Additionally, the weekly U.S. oil reports falling short of expectations suggest an improvement in oil demand in the U.S., contributing to the positive momentum in the oil market.
Oil prices have rebounded but formed a double-top price pattern, suggesting a potential trend reversal for oil prices. Suggests the oil prices remain trading with bullish momentum.
Resistance level: 81.20, 84.10📉
Support level: 78.65, 75.20📈
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