Hello everyone,Oil price is trying to confirm the breach of the descending channel resistance, to support the continuation of the expected bullish trend for today, whose targets start at 77.86, noting that breaching this level will extend the bullish wave to reach 79.32 as a next positive station. On the other hand, it is necessary to note that breaking 76.35...
Crude oil prices fell for the fourth consecutive week last week. A substantial increase in inventories and record production were the main reasons for the decline in crude oil prices last week. The entire market has been weak recently due to supply concerns and a significant drop in demand. However, on Friday due to some short sellers Oil prices rose as...
After failing to break through 80 this week, crude oil fell again to around 75.56 after the US EIA inventory data emerged yesterday. There is currently no good news for crude oil in the market. The overall trend of crude oil is very weak, showing a slow falling trend. After breaking above the moving average, oil prices did not stand firm but fell back and fell...
The light crude oil futures market, with a current daily price of $73.18, is positioned below the 50-day moving average of $84.78, indicating a bearish trend in the short term. It’s also below the 200-day moving average of $78.11, reinforcing this bearish sentiment. The price hovers above the minor support level of $72.48 and is significantly above the main...
Hello everyone, Oil price is testing the key resistance of 73.70, which is positively influenced by the stochastic index, the price needs to be below this level for the bearish trend scenario to remain valid, which has the next target at 72.12. On the other hand, it should be noted that the confirmation of the breach of 73.70 will push the price to move higher...
Oil prices have risen in recent days on the back of a bullish outlook from OPEC+'s monthly report and the International Energy Agency (IEA) released a monthly report on Tuesday that raised its crude oil demand growth forecast for this year and next. Oil prices have been range-bound due to signs that tensions in the Middle East may be easing and uncertainty...
After the analysis and possible scenarios I posted here: The two zones that I tolerate everything for long are here. I expect to test Moving average again and we will get the final result. Another secondary scenario is that there is a recovery, and to new low levels
Hello everyone,The oil price is facing negative pressure to test the 77.86 level, and the price needs to remain above this level for the bullish trend scenario to remain effective, waiting for a breach of the 79.63level to facilitate the task of rushing towards our next positive target at 81.23 . On the other hand, we note that breaking 77.86 will stop the...
Oil prices rebounded by 2% last Friday, and market sentiment has improved. However, what impressed investors more deeply in the past week was the sharp decline in oil prices in the first half of the week. The rapid decline in oil prices broke through the lower edge support of the high range created by OPEC+ production cuts and the Palestinian-Israeli conflict,...
Oil prices are rebounding following a recent dip, sparked by the International Energy Agency's (IEA) announcement earlier this week, contrasting events from Monday. Monday's decline was largely influenced by the OPEC+ monthly report, hinting at potential price increases. However, sustained crude oil recovery requires further momentum, with a significant catalyst...
Oil price is hovering around the neckline of the double bottom pattern that appears in the chart, waiting for the resumption of the expected bullish wave for today, which depends on stability above 77.86, remembering that our targets start at 79.63 and extend to 81.23, taking into account that breaking 77.86 will put the price below Corrective downward pressure...
OPEC has recently made a significant announcement that they will be adding a staggering 2.5 million oil barrels per day to the global supply. This news couldn't be more opportune for those seeking to capitalize on potential gains. Now, more than ever, we have the chance to position ourselves and make a lasting impact on our trading portfolios. With OPEC's...
hello everyone,The price of oil begins today’s trading with strong negativity, reinforcing expectations of a continuation of the downward trend, and the way is open to achieving our negative targets that start at 75.49 and extend to 73.80. The Stochastic indicator is providing clear negative signals now, to support the proposed bearish trend scenario, which is...
This week, crude oil received support at 74.9 and the overall rebound rebounded. The week ended with an overall decline of 4.18%, and finally closed at $77.40. From a fundamental point of view, the reasons for the continued fluctuation of crude oil prices this week are as follows: 1. Russian Foreign Ministry Spokesperson Zakharova: Russia will not give up its...
If Oil is able to close at 77d. There will be room for Retracement to 82 d. If it is unable to close above 77 d, its decline will continue to 69 d.
Hello, according to my analysis of the oil market, the market is in a very negative state. The market has broken the ascending channel. It also broke the 88.00 level, which is considered strong support. In the coming days, we may notice further declines towards the 80.00 levels and the 76 level. Good luck to everyone.
Crude oil broke straight down yesterday, with the high point at 81.0, the lowest point at 77.0, and the closing price at 77.11. The daily level includes a big negative line. The high price did not break the previous high, but the low price broke the previous low, showing a downward trend. The daily line of crude oil showed an N-shaped downward break pattern on...
Everything is clear Spread of war could move price even higher