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US crude oil futures prices rebounded after a brief downward correction, successfully breaking above the 82.00 psychological resistance level and reaching a high of $83.14 per barrel.
Technical Outlook:
The technical outlook remains bullish, with the 4-hour chart showing a bullish technical structure and the price holding above the 81.80 support level.
Upward Potential:
The upward trend is likely to continue, with an initial target of 83.45. A break above this level could further extend the gains towards 84.00.
Downside Risks:
However, traders should remain cautious as a return of trading stability below 81.80 could trigger a bearish correction, potentially leading to a retest of 81.00.
Key Levels:
- Support: 81.80, 81.00
- Resistance: 83.45, 84.00
Important Note:
The release of high-impact U.S. economic data today, including monthly producer prices and consumer confidence data, could induce significant price volatility. Traders are advised to closely monitor the market’s reaction to these data releases.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. The risk level remains high in this market, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.
Disclaimer: Trading in CFDs carries inherent risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for WTI crude oil.
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