CFD Petrolio WTILong
Crude Oil ready to climb up
In our 1H and 4H Chart USOIL The price has finished its correction heading into a new uptrend cycle where it has finished its sub-wave 2, which it is a required correction. However, for its confirmation we must see the price break $78.5 as a main resistance. This might generate momentum that could drive prices between $81 to $85 per barrel in the coming days; creating our third short-term sub-wave.
Taking into account the production cuts from OPEC and Saudi Arabia, the latter has decided to maintain the cuts until spring, which generates pressure on crude oil prices.
Support Areas: $75, $72.5 and $68
Resistance Areas: $78.5, $81, $83.3, $85
USOIL The price has finished its correction heading into a new uptrend cycle where it has finished its sub-wave 2, which it is a required correction. However, for its confirmation we must see the price break $78.5 as a main resistance. This might generate momentum that could drive prices between $81 to $85 per barrel in the coming days; creating our third short-term sub-wave.Taking into account the production cuts from OPEC and Saudi Arabia, the latter has decided to maintain the cuts until spring, which generates pressure on crude oil prices.
Support Areas: $75, $72.5 and $68
Resistance Areas: $78.5, $81, $83.3, $85
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