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
US Tech 100 Forms Bearish Flag Support a...
March 04, 2025
Market Insights
US30 Consolidates Above Support as Bulls...
May 02, 2025
Market Insights
DAX bounce from daily support levels
November 14, 2024
Market Insights
🌟 CPI Data Release Today: Key Market Wa...
November 13, 2024
Live Charts
Gold Breaks Record Highs at $3,397 Amid...
April 21, 2025
Market Insights
Gold extends losing streak to three days...
May 01, 2025
Market Insights
