Overall, WTI crude oil futures prices have found resistance over the past few trading days, hovering around the 50.0% Fibonacci level of 81.50. But the formation of a triangle pattern in this area could mean a possible price breakout in the coming sessions. Under the dual influence of the OPEC+ meeting and geopolitical factors, there are still many uncertainties in the oil market
The crude oil market has shown a roller coaster-like oscillation this week, with prices fluctuating up and down the 82 line. During the European session, crude oil prices retreated to the 81.5 line, and then rebounded again, breaking through this week's high of 82.5 and heading towards the 83 mark. Bulls performed strongly and the market was in line with expectations.
From the perspective of short-term trends, crude oil prices fluctuate frequently, with sharp rises and falls; while the medium-term trend is to fluctuate and gradually rise. Yesterday, the white market resisted the decline and failed to test the short-term bullish expected point, indicating that the market still has certain buying support. The current test channel is on track, with short-term support moving to 81.7 and band support moving to 80.7. The market is generally bullish. The resistance is at the 83 line. If it truly breaks through and stands firm, it is expected to challenge 84 and higher levels. Next week's operation suggestions are mainly to buy at the lower position, and secondarily to sell at the high level. Pay attention to the 84.5-85.0 line at the top, and the 82.0-81.5 line support at the bottom.
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