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WTI Eyes $89 Again?! Here’s What You Need To Know | Commodities

Published: 10.10.2023
by Joseph Jeffriess

Today’s focus: Oil

Pattern – Lower High
Support – 86.00
Resistance – 86.87 – 89.12

Today, we are looking at Oil on the daily chart. Since the price started this week with a sharp gap higher, we are continuing to watch these new levels and whether they will become set in the medium or long term.

Demand worries and peak prices were a concern not too long ago as we saw prices move down to around the $82 level.

Has this rally been a flash in the pan, and will sellers fill the gap? Or Has the dynamic changed in the short term, and could we see a new move from buyers to lock in these highs and re-test $89?

Good trading.

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