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Oil Defies Selling Pressure! 2/09/2025

US WTI crude oil futures recorded strong gains after successfully building a base above the psychological support at $63.00, climbing to a high of $65.05 per barrel.

Technical Outlook – 4-hour timeframe:

The price is trading within an upward corrective channel, supported by its stability above a well-defined ascending trend line. The 50-period simple moving average is acting as dynamic support, reinforcing the bullish structure. Meanwhile, the Relative Strength Index (RSI) continues to reflect buying pressure, though its presence in overbought territory may temporarily slow momentum without undermining the prevailing trend.

Likely Scenario:

As long as prices remain above 64.20, the corrective uptrend remains protected. A confirmed break above the psychological resistance at 65.00 would open the way for broader gains toward the next resistance levels. Conversely, a break below 64.20 would weaken the bullish outlook and expose the price to a retest of minor support areas.

Fundamental Note:

Today’s session includes high-impact US economic data, notably the ISM Manufacturing PMI, which could trigger strong price volatility upon release.

Warning: Risks remain elevated amid ongoing trade and geopolitical tensions, and all scenarios should be considered.

Trading in CFDs involves high risk, and therefore all scenarios are subject to potential outcomes. The analysis provided above is not a recommendation to buy or sell but rather an illustrative reading of price action on the chart.

S1: 64.05R1: 65.40
S2: 63.15R2: 65.90
S3: 62.65R3: 66.80

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