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76.09% of retail investor accounts lose money when trading CFDs with this provider.

Oil | Daily Chart Analysis | Continuation Patterns and Key Levels | OIL

Published: 11.04.2024
by Joseph Jeffriess

Greetings, traders! Welcome back to another insightful update. In today’s video, we’re focusing our attention on the oil market, examining crucial patterns, support, and resistance levels.

Today’s focus: Oil (WTI)

Pattern – Continuation?
Support – 85.38
Resistance – 87.37

Currently, we’re observing oil (WTI) on the daily chart following a notable surge from the USD that garnered considerable attention yesterday. Despite initial pressure from sellers, oil (WTI) has demonstrated resilience by rejecting a downward push and maintaining a potential continuation setup.

The question on everyone’s mind is whether the price action indicates a continuation pattern. Could a close above yesterday’s high signify a new upward movement, potentially testing resistance at 87.37?

Keep a close eye on any potential downward movement that could test the 85.50 area, as this could suggest a stronger presence of sellers than initially anticipated.

Oil Market Analysis: Continuation Patterns and Key Levels

Good trading.

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