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Oil-analysis

WTI Light Sweet Crude Oil, 7/25/23For Tuesday, the 77.79 level can contain selling into later week, above which 80.65 and 81.73 long-term resistance remains in 3 - 5 day target able to contain buying through summer activity. A weekly settlement above 81.73 would set off a significant buy signal into later year, 103.70 then expected over the following 3 - 5 months. Downside Tuesday, closing below 77.79 indicates a good weekly high, 75.34 then expected within several days, 73.30 by the end of next week, able to contain weekly selling pressures when tested and a meaningful downside continuation point into later August.
NYMEX:CL1!
by SpecialeAnalysis
OIL - Potential start of move up?Fundamental Analysis Oil prices (WTI) extended its recovery, rising yesterday to their highest level in two weeks, just over $74, after advancing for a second consecutive session. After political disputes between Iraq, the semi-autonomous Kurdish region of Iraq, and Turkey halted the export of approximately 450,000 barrels of crude per day, gains were driven by disruptions in energy flow. Oil's upside in the near term could be bolstered despite rising headwinds for growth-linked commodities, such as the increasing likelihood of a U.S. recession, if flows are not restored quickly. Consequently, traders ought to watch out for improvements in the Center East, basically until territorial erosions start to ease. Technical Analysis The recent bounce back from $64 price area is empowering, however oil still bearish in the big picture especially after that big sell-off from early March, with prices well below the current major MAs. So, in the event of a bearish reversal, the $72 price will serve as initial support, followed by the $70 psychological price level. Selling interest could accelerate quickly if that last level is decisively removed, and heading down further to retest the $64 price area of that Lower Low. And, the $62 region (red line) could still be a target, as a subsequent pivotal support on further weakness pass the $64 price level. Now, on the other hand, if price keeps pushing up, the resistance would lie in TL at $76 price range. In an even of a Trendline BO scenario, buyers could gain strength to launch an offensive aiming for $81 price level, which corresponds to the 2022/23 sell-off. Additionally, this push could encounter rejection or some resistance from this region (not shown on chart) and would then range for a while as per an indecisive market. All that said, from a pure TA stand point, we believe there is a good chance that price will keep pushing up, so let’s see!
FX:USOILSPOTLong
by financialflagship