WTI Crude Oil Forms Inverse Head and Shoulders Pattern Amid OPEC+ Output Hike Concerns
This technical setup emerges just as OPEC+ surprised markets by announcing a quicker-than-expected increase in oil output, raising fears of a supply glut. Traders are now eyeing the producer group’s monthly market outlook, expected later today, for further insights into demand-supply dynamics. A confirmed breakout above the $63.13 neckline could signal a bullish move toward the next key resistance at $72.07, while a failure to hold above $61 may see crude retest lower support zones.
Recent News
Dow Jones Struggles Below $43,000 Resist...
March 07, 2025
Market Insights
US Tech 100 Struggles Below 200 SMA – Br...
July 14, 2025
Market Insights
Gold Prices Steady as Inflation Risks Lo...
March 13, 2025
Market Insights
Gold Hits Record High Above $3,000 Bull...
March 20, 2025
Market Insights
Gold Price Lingers Near One-Month Low as...
November 12, 2024
Market Insights
Gold Price Drops to $3,000 Amid Geopolit...
March 24, 2025
Market Insights
