US Crude Oil 4H :try to retest
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US OIL
OUTLOOK
Oil prices rose on Monday as investors focused on expectations of tighter supplies after Moscow issued a temporary ban on fuel exports amid continuing concerns that another interest rate hike could dampen demand.
Technical abstract :
We note that the price of Oil was unable to continue the rise, recording a lower peak and providing signs of a possible return to the downward corrective path, waiting to test the 89.35 level initially, noting that breaking this level will push the price towards the 88.04 areas as a next corrective target.
Therefore, we expect to witness negative trading during the coming sessions, taking into account that breaching 91.52 will stop the expected decline and lead the price to resume the main upward trend again.
The expect range trading for today it will be between resistance line 91.52 and support line 89.35 until stabilized .
Support line : 89.35 , 88.04
Resistance line : 91.52 , 93.02
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 rose on Monday as investors focused on expectations of tighter supplies after Moscow issued a temporary ban on fuel exports amid continuing concerns that another interest rate hike could dampen demand.
Technical abstract :
We note that the price of Oil was unable to continue the rise, recording a lower peak and providing signs of a possible return to the downward corrective path, waiting to test the 89.35 level initially, noting that breaking this level will push the price towards the 88.04 areas as a next corrective target.
Therefore, we expect to witness negative trading during the coming sessions, taking into account that breaching 91.52 will stop the expected decline and lead the price to resume the main upward trend again.
The expect range trading for today it will be between resistance line 91.52 and support line 89.35 until stabilized .
Support line : 89.35 , 88.04
Resistance line : 91.52 , 93.02
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Trade attivo
USOILUPDATE
The price perfectly fulfills my last idea and price reached to our first target and we got about +130 pip .
Now , the price will be continue at downtrend correction trend to reach our second target , taking into account that breaching 89.35 will stop the expected decline and lead the price to resume the main upward trend again.
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