⭐️WTI: forecast for Oct 25 - Oct 29
➡️ WTI Oil quotes are trading at $84.15 per barrel. The bullish trend continues, but the growth is limited at the moment. Positive news background does not stimulate quotes for "black gold" so much.
On Thursday, Kuwait began ramping up crude oil production in line with the OPEC+ agreement. Commenting on the situation, Kuwait's oil minister said the country's plan to increase crude oil production covers a common area with Saudi Arabia. The news did not appear to have a significant impact on crude oil prices (no positive market reaction as it was before).
As part of the forecast for WTI Oil, it is expected that the price would down to $81, and possibly go lower. Now the trading balance has been formed (look at the chart), that will indicate the further local direction of price movement. The week closed outside this balance, but if the price returns to the balance, it would fall to $81. A breakdown of the lower boundary of the balance will mean a test of the $80 level (from where support can be expected).
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On Thursday, Kuwait began ramping up crude oil production in line with the OPEC+ agreement. Commenting on the situation, Kuwait's oil minister said the country's plan to increase crude oil production covers a common area with Saudi Arabia. The news did not appear to have a significant impact on crude oil prices (no positive market reaction as it was before).
As part of the forecast for WTI Oil, it is expected that the price would down to $81, and possibly go lower. Now the trading balance has been formed (look at the chart), that will indicate the further local direction of price movement. The week closed outside this balance, but if the price returns to the balance, it would fall to $81. A breakdown of the lower boundary of the balance will mean a test of the $80 level (from where support can be expected).
Thanks for your comments and likes 👍
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