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 Sustaining near Life-High Levels.

February 19, 2025

Market Insights

US Tech 100 4 Hour Chart Bearish Channel...

March 17, 2025

Market Insights

DAX sharp recovery from the daily suppor...

October 25, 2024

Market Insights

Dow Jones at Critical Support Flag Forma...

February 28, 2025

Market Insights

Dow Jones Testing Resistance Zone Key Le...

June 04, 2025

Market Insights

NASDAQ is sustaining on daily Resistance...

December 24, 2024

Market Insights

Maddy

Cross-Asset Analyst & Trainer

Varun Sharma

Senior Strategist

VJ Yadav

FX Strategist

Bot Window | Bot Window