USOUSD (Crude Oil): 06/02/2023: Key levels of weekly chart

Well here is our long-term view of crude oil.

As you can see, the price is in the downtrend and we expect a continuation of a bear market.

Bear scenario: In this scenario, we have 66.13- 69.544 as a key zone. The price should break down this zone and stay below. For this goal, the price can move upward till around 75 and then start the main decrease.

Bull scenario: Although I see the market in a downtrend, I believe we should be ready for both sides of the market. In this scenario, there is a liquidity pool below 70.22 and exactly after that, we have an important demand zone of 66.13- 69.544. If this zone work, the price can rise to 78.18 as the first target after that goes higher than 82.37, and 87.83 is our last target.




💡Wait for the update!
🗓️06/02/2023
🔎 DYOR

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