🛢 CL OIL, H4 🛢 29 March 2024
Crude oil prices are on a continuous ascent and are currently testing the resistance level at $83. The optimistic outlook for oil prices persists due to the announced production cuts by OPEC+ and the resulting tighter oil supply expectations. Additionally, the decline in the oil and gas rig count in the U.S. during the last week of March has contributed to the bullish sentiment surrounding oil prices.
Oil prices continue to climb after a rebound from their liquidity zone and are currently testing the resistance level at $83. Suggests a fresh bullish momentum is forming.
Resistance level: 82.85, 85.45📉
Support level: 80.20, 78.00📈
Crude oil prices are on a continuous ascent and are currently testing the resistance level at $83. The optimistic outlook for oil prices persists due to the announced production cuts by OPEC+ and the resulting tighter oil supply expectations. Additionally, the decline in the oil and gas rig count in the U.S. during the last week of March has contributed to the bullish sentiment surrounding oil prices.
Oil prices continue to climb after a rebound from their liquidity zone and are currently testing the resistance level at $83. Suggests a fresh bullish momentum is forming.
Resistance level: 82.85, 85.45📉
Support level: 80.20, 78.00📈