We expect prices to fall again after the nice intermediate rally from USD 66 to USD 75. Of course, the Middle East conflict has created major geopolitical uncertainties in this underlying asset.
Nevertheless, our main scenario envisages falling prices. We expect another test of the 64-66 USD. Only above 76 USD and especially above 79-80 USD would the bulls be back in the driving seat in the medium term. Then, three-digit prices are also conceivable again.
.
.
Previous analysis.
WTI Crude Oil – Gigantic decision zone!
WTI oil is at a major decision zone. At USD 64-66, one of the most significant trend lines and horizontal support zones of the endless contract runs through.
Currently, WTI is approaching this area again. From a technical point of view, it must be assumed that this time, too, buyers will enter the market en masse. A wave up to USD 80 would be possible.
However, it should be noted that a sustained break of this zone can lead to significantly lower prices. From a fundamental point of view, this would also be a clear sign of a further weakening of the global economy.
Below 64 USD on a weekly or monthly closing price, targets in the 45 USD range come into focus.
.
.
.
Disclaimer:
The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.
There are risks involved with trading of cash equities. Past performance is not indicative of future results. You should consider whether you can tolerate such losses before trading. Please read the full Risk Disclosure (https://www.jfdbrokers.com/en/legal/risk-disclosure).
Copyright 2024 JFD Group Ltd.