Oil at a Turning Point – Is a Deeper Correction About to Begin?
WTI Crude Oil has staged an impressive rally over the past few weeks, but the latest price action suggests that bullish momentum may be fading.
After breaking above the previous consolidation range, Oil accelerated toward the $93 area before encountering strong selling pressure as I explained on the previous OIL idea.
The recent rejection and pullback indicate that buyers may be taking profits, while the market begins to reassess the geopolitical risk premium.
After a brief pause, we could see oil begin a larger decline in the coming days, also taking into account the ceasefire between the US and Iran over the weekend.
The question is how long this ceasefire will last.
Main Bearish targets:
🎯 81.20
🎯 75.50
🎯 71.00
You can find more details on the chart.
Thank you and good luck! 🍀
⚠️PS: Do your own analysis and use your own strategy to join the trade.
❤️ If this analysis helps your trading day, please support it with a like or comment ❤️
WTI Crude Oil has staged an impressive rally over the past few weeks, but the latest price action suggests that bullish momentum may be fading.
After breaking above the previous consolidation range, Oil accelerated toward the $93 area before encountering strong selling pressure as I explained on the previous OIL idea.
The recent rejection and pullback indicate that buyers may be taking profits, while the market begins to reassess the geopolitical risk premium.
After a brief pause, we could see oil begin a larger decline in the coming days, also taking into account the ceasefire between the US and Iran over the weekend.
The question is how long this ceasefire will last.
Main Bearish targets:
🎯 81.20
🎯 75.50
🎯 71.00
You can find more details on the chart.
Thank you and good luck! 🍀
⚠️PS: Do your own analysis and use your own strategy to join the trade.
❤️ If this analysis helps your trading day, please support it with a like or comment ❤️
Uwaga
Previous analysis:
Zlecenie aktywne
The first target was easily reached, from 84.20 to 81.2
As long as the US does not attack Iran again, OIL is expected to start to fall slowly. I do not expect any surprises, but hopes for an extended ceasefire or a peace agreement could push OIL prices even lower.
But, as I explained earlier, Trump could benefit to push OIL price down more, simply because he wants cheaper oil.
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Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.