Oil went on the offensive last week, once again confirming the importance of support at the 200-week moving average. Both robust US economic data and OPEC+ intentions to keep production under control fuelled the rally. All this is on top of growing supply issues across the Red Sea.
Oil is currently undergoing a crucial technical test in the form of the 50-week and almost synchronised 200-day moving averages. This area has acted as significant resistance over the past three months.
A break above the 200-day would mark a significant shift in trader and investor sentiment, potentially paving the way for more active buying. Failure to do so could be followed by a relatively smooth fall to $72 for WTI and $75 for Brent.
The FxPro Analyst Team
• Central banks prefer to pause. • The strengthening of the dollar prevented gold from…
Market Picture The crypto market set another trap for bulls yesterday afternoon, jumping to $3T…
JPMorgan Chase: ⬇️ Sell - JPMorgan Chase reversed from resistance area - Likely to fall…
EURUSD: ⬇️ Sell - EURUSD reversed from resistance area - Likely to fall to support level…
AUDJPY: ⬆️ Buy - AUDJPY reversed from support area - Likely to rise to resistance…
Palladium: ⬆️ Buy - Palladium broke multi-month resistance level 1600.00 - Likely to rise to resistance…
This website uses cookies