🛢 CL OIL, H4 🛢 8 March 2024
Oil prices have faced challenges in sustaining upward momentum, despite factors that traditionally might boost prices, such as the easing strength of the dollar and potential dovish policy shifts from the Federal Reserve. However, there was a slight rebound in oil prices in the latest trading session, attributable to a temporary supply disruption. A critical pipeline, which facilitates the transport of oil from Canada to the U.S., experienced a temporary shutdown, causing a brief uptick in prices due to the immediate impact on supply.
Oil prices have found support at their crucial liquidity zone at near $78.70. Suggests a neutral signal for oil.
Resistance level: 81.20, 84.10📉
Support level: 78.65, 75.20📈
Oil prices have faced challenges in sustaining upward momentum, despite factors that traditionally might boost prices, such as the easing strength of the dollar and potential dovish policy shifts from the Federal Reserve. However, there was a slight rebound in oil prices in the latest trading session, attributable to a temporary supply disruption. A critical pipeline, which facilitates the transport of oil from Canada to the U.S., experienced a temporary shutdown, causing a brief uptick in prices due to the immediate impact on supply.
Oil prices have found support at their crucial liquidity zone at near $78.70. Suggests a neutral signal for oil.
Resistance level: 81.20, 84.10📉
Support level: 78.65, 75.20📈