Oil Gets Back Above The $45 Level As Crude Inventories Decline
Oil made an attempt to settle below $44.00 but failed to gain sufficient downside momentum and returned back to the $45 level. The current technical picture looks rather bullish for oil, but it needs to get above the resistance at $45.80 to confirm that it is ready to gain more upside momentum.
In this case, it will head towards the next resistance level at the recent highs at $46.25.
On the support side, oil has mostly ignored support levels at $44.75 and $44.45 but the support at $43.75 should be strong enough in case oil gains some downside momentum. A move below $43.75 will push oil towards the next support at $43.00.
In this case, it will head towards the next resistance level at the recent highs at $46.25.
On the support side, oil has mostly ignored support levels at $44.75 and $44.45 but the support at $43.75 should be strong enough in case oil gains some downside momentum. A move below $43.75 will push oil towards the next support at $43.00.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.