Hi Traders,
We have here an update on crude oil, more specifically West Texas crude.
Last week we saw weak economic data coming out from the US but however price for crude somewhat stayed steady. How much longer can prices stay optimistic in the mist of weak data? We can also see that there has been a divergence in accumulation of orders within he small pullback to $44.5. I would like to see price come back down and test past resistance within the grey box. Crude has seen incredible gains since the massive downturn and is most definitely following the v-shape recovery once hoped to be the case during the height of the pandemic. In terms of resistance and support there isn't a great deal until we start hitting $48 and $49, which could mean a highly volatile market.
Thanks
The Market Sniper Team
We have here an update on crude oil, more specifically West Texas crude.
Last week we saw weak economic data coming out from the US but however price for crude somewhat stayed steady. How much longer can prices stay optimistic in the mist of weak data? We can also see that there has been a divergence in accumulation of orders within he small pullback to $44.5. I would like to see price come back down and test past resistance within the grey box. Crude has seen incredible gains since the massive downturn and is most definitely following the v-shape recovery once hoped to be the case during the height of the pandemic. In terms of resistance and support there isn't a great deal until we start hitting $48 and $49, which could mean a highly volatile market.
Thanks
The Market Sniper Team
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Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.