📊TECHNICAL ANALYSIS ON 4-HOURS TIMEFRAME
Crude oil price faces negative pressure to test 77.86 level, and the price needs to hold above this level to keep the bullish trend scenario active, waiting to breach 78.50 to ease the mission of rallying towards our next positive target at 81.20. On the other hand, I want to remind you that breaking 77.86 will stop the positive scenario and push the price to turn to decline, to head towards visiting 73.73 areas on the near term basis. The expected trading range for today is between 77.30 support and 80.20 resistance.
📊QUICK FUNDAMENTAL LOOK
US crude rose 0.5% to $78.88 a barrel, the highest in a week, while Brent added 0.6% to $83.10 a barrel, the highest in a week. US crude rose 1.5% on Monday, while Brent climbed 1.25%, the third profit in a row away from a four-month trough.
⚠️Warning: Trading contains elements of risk, please be careful when Making Orders, Market Recommendations are only for consideration.