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
Gold price retains its bullish bias near...
November 21, 2024
Market Insights
NASDAQ trading on 4HR TL
February 06, 2025
Market Insights
AUDJPY Bullish Reversal Pattern: Head &...
March 10, 2025
Market Insights
Gold Tests Key Resistance at $2930 Amid...
March 06, 2025
Market Insights
DAX sharp recovery from the daily suppor...
October 25, 2024
Market Insights
Crude Oil Analysis
October 11, 2024
Market Insights
