USOIL
OUTLOOK
Oil prices, especially Brent crude, witnessed an increase during trading on Monday, as fears of a scarcity in global supply of crude oil dominated investor sentiment after the release of some data on customs in China as well as preliminary reports on OPEC + production.
Currently ,the price trade near to strong resistance zone which is 82.32 - 83.53 and price tried to stabilized above it but couldn't , and now as long as price trade under that area the chance to drop again increase and the first target will reach it is 78.73 and under that will reach the next support zone
for any reasons if price can stable above 83.53 then the price will try to rise up and reach to 85.12
The expect range trading for this week will be between resistance zone 82.32 - 83.53 and support zone 73.15 - 74.68
Additionally , On Wednesday we have US crude oil stocks and it will affect on the OIL
support line : 82.32 , 83.53
resistance line :78.73 , 76.93
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OUTLOOK
Oil prices, especially Brent crude, witnessed an increase during trading on Monday, as fears of a scarcity in global supply of crude oil dominated investor sentiment after the release of some data on customs in China as well as preliminary reports on OPEC + production.
Currently ,the price trade near to strong resistance zone which is 82.32 - 83.53 and price tried to stabilized above it but couldn't , and now as long as price trade under that area the chance to drop again increase and the first target will reach it is 78.73 and under that will reach the next support zone
for any reasons if price can stable above 83.53 then the price will try to rise up and reach to 85.12
The expect range trading for this week will be between resistance zone 82.32 - 83.53 and support zone 73.15 - 74.68
Additionally , On Wednesday we have US crude oil stocks and it will affect on the OIL
support line : 82.32 , 83.53
resistance line :78.73 , 76.93
If this post was useful to you , don't forget to subscribe and like , Thanks ❤️
Now , the price still under sell pressure to reach 78.83 and after that I expect the price will be continue at the bearish trend but the market needs more liquidity and for this purpose when the price reach to 78.83 a correction will be formed and then drop like we mentioned in the chart.