Oil touches official target 30/1/2025

A bearish trend dominated US crude oil futures, aligning with the previous technical outlook, as the price successfully touched the $72.30 target.

Technical Outlook:

• Simple moving averages continue to pressure prices downward.
• The price remains below the previously broken support at $73.90, now acting as a resistance level.

Key Levels to Watch:

• Bearish Scenario:
  • Breaking $72.30 may accelerate losses toward $71.90, $71.30, and possibly $70.20.
• Bullish Scenario:
  • Rebounding above $73.60, and more importantly $73.90, may trigger a recovery towards $74.65 and $75.20.

Market Risks & Upcoming Data:

• European Central Bank (ECB) monetary policy statement, interest rate decision, and ECB President’s press conference could lead to high market volatility affecting oil prices.

Risk Warning: The market remains exposed to geopolitical uncertainties, making all scenarios possible.

Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. This market’s risk level remains high, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.

S1: 71.90	R1: 73.60
S2: 71.30	R2: 74.65
S3: 70.20	R3: 75.25