OIL | Market Overview
Oil prices edged lower on Monday despite strong seasonal demand, as the market prepares for an increase in supply. OPEC+ is set to raise production by 411,000 barrels per day starting Tuesday, marking the fourth monthly increase in output. Another similar hike is reportedly under consideration for August, which may further pressure prices.
Technical Outlook
The price remains within the bearish zone and is expected to continue its decline as long as it trades below the pivot level at 65.83.
A daily candle close above 65.83 is required to confirm a potential bullish reversal.
Until then, the bearish trend remains intact, targeting 63.47, 61.83, and potentially 60.16.
Key Levels
Pivot: 65.83
Support: 63.47 / 61.83 / 60.16
Resistance: 68.33 / 69.55
Oil prices edged lower on Monday despite strong seasonal demand, as the market prepares for an increase in supply. OPEC+ is set to raise production by 411,000 barrels per day starting Tuesday, marking the fourth monthly increase in output. Another similar hike is reportedly under consideration for August, which may further pressure prices.
Technical Outlook
The price remains within the bearish zone and is expected to continue its decline as long as it trades below the pivot level at 65.83.
A daily candle close above 65.83 is required to confirm a potential bullish reversal.
Until then, the bearish trend remains intact, targeting 63.47, 61.83, and potentially 60.16.
Key Levels
Pivot: 65.83
Support: 63.47 / 61.83 / 60.16
Resistance: 68.33 / 69.55
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
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Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。