1012 USOIL is going to break the bottom, down target to 60?
Güncellendi
Hello traders,
OPEC+ has announced a delay in its planned production increase, with the Organization of the Petroleum Exporting Countries and its allies postponing these plans until April of the following year. Additionally, the timeline for the eventual cancellation of the voluntary production cut of 2.2 million barrels per day has been extended from 12 months to 18 months. Following this announcement, crude oil futures experienced a slight decline on Thursday, reflecting a muted market reaction. According to a report by Gelber & Associates, despite the news, crude oil prices have remained within a stable range. The report highlights that in recent weeks, the potential for news to significantly influence crude oil prices has been notably high. As the year draws to a close, there is considerable uncertainty surrounding the Trump administration, which has contributed to a temporary reduction in oil price volatility.
On the New York Mercantile Exchange, the settlement price for West Texas Intermediate crude fell by 0.4%, settling at $68.30 per barrel. Similarly, Brent crude futures on the Intercontinental Exchange in Europe decreased by 0.3%, reaching $72.09 per barrel.
This environment reflects ongoing dynamics within the oil market, where geopolitical factors and economic policies continue to play critical roles in shaping price movements.
But on the daily chart, usoil has very big problem to break through the downtrend red line and now is being rejected again from EMAs.
Its very possible for usoil to break through the bottom support structure and make a new low.
61.74, FIBO ext 1.27 should be a target after usoil breaking though the bottom.
Good luck!
Less is more!
OPEC+ has announced a delay in its planned production increase, with the Organization of the Petroleum Exporting Countries and its allies postponing these plans until April of the following year. Additionally, the timeline for the eventual cancellation of the voluntary production cut of 2.2 million barrels per day has been extended from 12 months to 18 months. Following this announcement, crude oil futures experienced a slight decline on Thursday, reflecting a muted market reaction. According to a report by Gelber & Associates, despite the news, crude oil prices have remained within a stable range. The report highlights that in recent weeks, the potential for news to significantly influence crude oil prices has been notably high. As the year draws to a close, there is considerable uncertainty surrounding the Trump administration, which has contributed to a temporary reduction in oil price volatility.
On the New York Mercantile Exchange, the settlement price for West Texas Intermediate crude fell by 0.4%, settling at $68.30 per barrel. Similarly, Brent crude futures on the Intercontinental Exchange in Europe decreased by 0.3%, reaching $72.09 per barrel.
This environment reflects ongoing dynamics within the oil market, where geopolitical factors and economic policies continue to play critical roles in shaping price movements.
But on the daily chart, usoil has very big problem to break through the downtrend red line and now is being rejected again from EMAs.
Its very possible for usoil to break through the bottom support structure and make a new low.
61.74, FIBO ext 1.27 should be a target after usoil breaking though the bottom.
Good luck!
Less is more!
Emir iptal
Not
The red trendline has been broken by a strong bullish candle on this Wed.Not
Follow the new trend to make a new plan to long on4H chart.
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