Oil Rises on Geopolitical Risks, China's Economic Plans
Oil prices rise amid renewed geopolitical risks in the Middle East and China's plans to increase spending. Brent crude and WTI are up 1.2% to $71.91 and $68.41 a barrel, respectively, supported by U.S. strikes on Yemen's Houthi rebels that come amid a broader strategy to put pressure on Iran, and fresh Israeli strikes in Gaza. "Tensions in the Middle East have resurfaced, supporting oil prices," ING analysts say. Meanwhile, the market awaits U.S.-Russia talks on a potential cease-fire in Ukraine later on Tuesday.
Technical Outlook
The price looks to test the support of 67.03 and then will push up to break 68.53.
However, breaking 68.53 by closing 4h cancel above will continue the bullish trend till 70.21.
Key Levels:
Pivot Point: 68.53
Support Levels: 70.50, 71.78, 72.75
Resistance Levels: 67.03, 68.85, 63.51
PREVIOUS IDEA:
Oil prices rise amid renewed geopolitical risks in the Middle East and China's plans to increase spending. Brent crude and WTI are up 1.2% to $71.91 and $68.41 a barrel, respectively, supported by U.S. strikes on Yemen's Houthi rebels that come amid a broader strategy to put pressure on Iran, and fresh Israeli strikes in Gaza. "Tensions in the Middle East have resurfaced, supporting oil prices," ING analysts say. Meanwhile, the market awaits U.S.-Russia talks on a potential cease-fire in Ukraine later on Tuesday.
Technical Outlook
The price looks to test the support of 67.03 and then will push up to break 68.53.
However, breaking 68.53 by closing 4h cancel above will continue the bullish trend till 70.21.
Key Levels:
Pivot Point: 68.53
Support Levels: 70.50, 71.78, 72.75
Resistance Levels: 67.03, 68.85, 63.51
PREVIOUS IDEA:
Trade active
USOIL Live UpdateThe price has pushed up as we mentioned earlier, perfectly following the path of our trend line.
Currently, it looks like there will be a correction from the current price, potentially reaching the support line. If the price stabilizes above 68.53, it will support the bullish trend toward 70.36.
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.