Get started
GhostSquawk

Crude oil on the verge of retracing Bidens SPR news - #oott

Long
CFDs on WTI Crude Oil (TVC:USOIL)  
GhostSquawk  
TVC:USOIL   CFDs on WTI Crude Oil
Trend Analysis Technical Indicators Chart Patterns
1
0
trendanalysis indicator chartpattern
The crude oil market has been making a low trek back up ever since the Biden's SPR news and it appears that we are about to retrace the entire move and break higher. This trading behavior would be bad for the Biden Admin and inflation in general. However, it does suggest the overall tightest in the oil market. As of now we are settling in at the 103 mark with resistance at 105.45. If we can break above this level, we would be then be target the 110 and 115 mark as the next target in crude oil prices.
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.