Wed, Dec 07, 2022 @ 00:36 GMT

US Oil Bounces Back

WTI rallies back as US crude stocks fell more than expected. A fall below 82.00 has renewed the pressure on the buy side by invalidating the recent rebound. Trend followers may take this as a signal to add their stakes. The price is hovering above this year’s low at 75.00 with some bargain hunting off 77.00. An overbought RSI may limit the upside. The support-turned-resistance at 83.40 coincides with the 20-day moving average and could be a congestion area. Further up, stiff selling would be expected in the supply area next to 87.00.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading