USOIL
OUTLOOK
Oil prices fell on Tuesday amid fears that further potential interest rate hikes in the United States would lower demand, outweighing concerns about the possibility of a tropical storm off the US Gulf Coast affecting supplies.
Investors are looking forward to important data from the US economy later this week that will help determine the course of interest rates this year and next.
Crude oil price made attempts to breach the 80.68 level, but ended yesterday’s trading below it, to keep the bearish trend scenario valid and effective for the coming period, waiting for a return to the bearish corrective channel, then achieving our first negative target at 78.71 and by breaching this level will open the way to drop and record a new lows 77.23 , 75.90
On the other hand, it should be noted that breaching 80.68 will stop the bearish corrective trend and lead the price to try to recover and return to the main bullish path again, to head towards visiting 82.32 and 83.53 areas initially.
The expect range trading for today it will be between resistance 80.68 and support line 78.71 until breaching one of them
support line : 80.68 , 82.32
resistance line : 78.71 ,78.10
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Oil prices fell on Tuesday amid fears that further potential interest rate hikes in the United States would lower demand, outweighing concerns about the possibility of a tropical storm off the US Gulf Coast affecting supplies.
Investors are looking forward to important data from the US economy later this week that will help determine the course of interest rates this year and next.
Crude oil price made attempts to breach the 80.68 level, but ended yesterday’s trading below it, to keep the bearish trend scenario valid and effective for the coming period, waiting for a return to the bearish corrective channel, then achieving our first negative target at 78.71 and by breaching this level will open the way to drop and record a new lows 77.23 , 75.90
On the other hand, it should be noted that breaching 80.68 will stop the bearish corrective trend and lead the price to try to recover and return to the main bullish path again, to head towards visiting 82.32 and 83.53 areas initially.
The expect range trading for today it will be between resistance 80.68 and support line 78.71 until breaching one of them
support line : 80.68 , 82.32
resistance line : 78.71 ,78.10
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
