As we mentioned yesterday, $60 per barrel didn’t make sense under the current conditions, and there was a high probability that oil would open with a positive gap — which indeed happened. It’s now struggling with the $62 resistance level.
If it manages to break this resistance, it will effectively re-enter the long-term range it was previously in, increasing the chances of the price reaching the top of that range. ✅
If it manages to break this resistance, it will effectively re-enter the long-term range it was previously in, increasing the chances of the price reaching the top of that range. ✅
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