US crude oil futures prices reversed the bearish trend, as we expected, in which we relied on trading stability below the strong resistance level 80.60, at the time of the report’s release. As a reminder, we indicated that the price’s consolidation above 80.70 can thwart the bearish trend and lead …
Read More »Oil is stable below resistance 29/8/2023
Limited positive attempts dominated the movements of US crude oil futures prices, failing to breach the main resistance of the current trading level at 80.60. Technically, by looking closely at the 240-minute chart, we notice clear negative signs on the stochastic indicator, which is gradually losing bullish momentum and trading …
Read More »Oil is waiting for a stronger trend 28/8/2023
Mixed movements still control the prices of US crude oil futures contracts, to move in both upward and downward directions, recording a high of 80.45 before hitting a low of around $78.20 per barrel. Technically, by looking at the 240-minute chart, the price is shifting around the 50-day simple moving …
Read More »Oil is under negative pressure 25/8/2023
Mixed trading dominated the prices of US crude oil futures contracts yesterday, touching the official bearish target to be achieved at 77.60, recording its lowest level at $77.65 per barrel. Technically, and looking at the 4-hour chart, prices tried to take advantage of the mentioned support level represented by the …
Read More »Oil: negativity in place 24/8/2023
The prices of US crude oil futures contracts declined significantly during the previous trading session, touching the bearish target required to be achieved yesterday at 78.60, recording its lowest level at $77.68 per barrel. Technically, looking at the 4-hour chart, the simple moving averages continue to exert negative pressure on …
Read More »Oil and negative pressure is in place 23/8/2023
Trading tended to be negative, dominating the movements of US crude oil futures within the expected downward track. It gradually approached the first target achieved during the previous report at 79.20, only to record its lowest price at $79.51 per barrel. Technically, we find the price stable below the resistance …
Read More »Oil hits resistance 22/8/2023
Futures prices failed to achieve the bullish scenario after colliding with the pivotal resistance level published during the previous technical report at 82.30, explaining that breaching it is a condition for continuing the rise. Technically, 82.30 formed a strong resistance that forced the price to decline to retest the support …
Read More »Oil breaks through resistance 21/8/2023
US crude oil futures prices recovered by the end of last week’s trading after a session of successive declines, and the support level of 79.60 succeeded in limiting the bullish tendency to reverse the bearish trend temporarily. As a reminder, we indicated during the latest technical report that the price’s …
Read More »Argentina freezes oil price at $56 to restrict inflation
Argentina’s economy ministry has agreed to freeze domestic crude oil prices at $56 per barrel until the end of October, following an agreement with the industry. The price cap, which comes after meetings between Economy Minister Sergio Massa and executives from oil companies like YPF and Vista, aims to help …
Read More »Fears of the Chinese economy tend to cut oil’s 7-week series of gains
Oil is set to end the week lower after a seven-week winning streak, as worries about China’s economy outweigh indicators of tight supply. The seven-week price rally, driven by supply cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC +), was the longest streak of gains …
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