USOIL
OUTLOOK
Oil prices rose on Monday, supported by expectations that major producers will maintain their restrictions on supplies, as well as growing hopes that the Federal Reserve (the US central bank) will leave interest rates unchanged to avoid a slowdown in the economy.
Russia has already announced it will cut its exports by 300,000 bpd in September, after cutting 500,000 bpd in August. Saudi Arabia is also expected to extend a voluntary cut of 1 million bpd until October.
Currently, The price of Oil show some bearish tendency to retest to 84.81 and rise up again so as long as price trade above 84.81 the price will be continue at the bullish trend targeting 87.83 as next main station
stabilized under 84.81 will help the price to retest to 83.53
The expect range trading for today it will be between the support line 84.81 and resistance line 87.83
support line : 84.81 , 83.53
resistance line : 86.18 , 87.83
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OUTLOOK
Oil prices rose on Monday, supported by expectations that major producers will maintain their restrictions on supplies, as well as growing hopes that the Federal Reserve (the US central bank) will leave interest rates unchanged to avoid a slowdown in the economy.
Russia has already announced it will cut its exports by 300,000 bpd in September, after cutting 500,000 bpd in August. Saudi Arabia is also expected to extend a voluntary cut of 1 million bpd until October.
Currently, The price of Oil show some bearish tendency to retest to 84.81 and rise up again so as long as price trade above 84.81 the price will be continue at the bullish trend targeting 87.83 as next main station
stabilized under 84.81 will help the price to retest to 83.53
The expect range trading for today it will be between the support line 84.81 and resistance line 87.83
support line : 84.81 , 83.53
resistance line : 86.18 , 87.83
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
UPDATE
As we mentioned as long as price trade above 84.81 the price will be continue at the bullish trend but it possible to retest to 84.81 and then will continue at the bullish trend , so now price reached at to near resistance level 84.81 ,because when the price reached to the 86.18 the price was forced to formed the correction and already formed the correction to the 84.81
so as long as price trade above 84.81 level the price will be continue at the bullish trend to reach the suggested target 86.18 and 87.83
for reminder , consolidation under 84.81 will help the price to retest to the main resistance zone 82.32 - 83.53
Additionally ,Today news will affect the market
Support line : 84.81, 83.53
resistance line : 86.11,87.83