Crude oil gets a chance to rise

19 Okt 2023

Crude oil targets resistance at $88. The important level after that is $90, which is a resistance level that the market needs to break. The prevailing sentiment suggests that it is only a matter of time before the market rises to these levels.

Crude oil also found support from the 50-day moving average below, which acted as a stabilizing force. Additionally, the 200-day moving average provides a fundamental "bottom" for the market, which reinforces the idea of an upward bias.

In addition, market sentiment due to the escalation of the conflict and the Iranian oil embargo have provided rising factors for crude oil.

Crude oil resistance level focuses on 88, support level focuses on 86

20 Okt 2023

Trade aktif

20 Okt 2023

Catatan