Sat, Apr 01, 2023 @ 05:15 GMT
HomeContributorsTechnical AnalysisUS Oil Consolidates Gains

US Oil Consolidates Gains

WTI crude treads water as US crude inventories show a smaller buildup. The price action is grinding last December’s high of 82.50 as its breach might trigger an extended rally in the medium-term. Instead, a drop below the immediate support at 80.30 has put the bulls on the defensive. The previous swing low at 82.50 sits on the 20-day moving average and is a key level to keep the price afloat. A bearish breakout would shake out recent buyers and send the price to the psychological level of 75.00.

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