US OIL (WTI/USD) – Week 10 – Pullback before $70?
Oil rallied in the second half of last week, with the barrel price reaching $66 after the news that OPEC and a Russia-led alliance of oil producers kept most of their production cuts in place, taking the market by surprise.
From a technical perspective, the price reached a strong weekly resistance area and we anticipate it to hang around this area for a while, entering a corrective phase that can drive the value of this commodity towards the $62 area.
We recommend focusing on other instruments for now, as the bullish momentum is still strong and the price may continue to rise.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
From a technical perspective, the price reached a strong weekly resistance area and we anticipate it to hang around this area for a while, entering a corrective phase that can drive the value of this commodity towards the $62 area.
We recommend focusing on other instruments for now, as the bullish momentum is still strong and the price may continue to rise.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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