Correction required downside towards support level 3850 and 36.20$ ( Oil expected to stay this level next few months 32$ tp 42$ If any big output cut then possible price go high 46$.
👍 Before we start, please support this idea with your likes and comments, it is the best way to keep it relevant and support me.
*Oil prices rallied on Wednesday after industry data showed U.S. crude and gasoline stocks fell more than expected last week.
*U.S. crude futures were also up 3 per cent at $40.44 a barrel, after having fallen 1.1 per cent on Tuesday.
*Official inventory data from the U.S. Energy Information Administration is due out later in the session.
*Meanwhile, the Organization of the Petroleum Exporting Countries' (OPEC) oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters' survey found.
*It was reported that the 13-member OPEC pumped 22.62 million barrels per day (bpd) on average in June, down 1.92 million bpd from May's revised figure.
🛑SUPPORT/RESISTANCE
✅S1= 38.20
✅S2=36.40
✴️R1=40.60
✴️R2=42.10
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it.
👍 Before we start, please support this idea with your likes and comments, it is the best way to keep it relevant and support me.
*Oil prices rallied on Wednesday after industry data showed U.S. crude and gasoline stocks fell more than expected last week.
*U.S. crude futures were also up 3 per cent at $40.44 a barrel, after having fallen 1.1 per cent on Tuesday.
*Official inventory data from the U.S. Energy Information Administration is due out later in the session.
*Meanwhile, the Organization of the Petroleum Exporting Countries' (OPEC) oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters' survey found.
*It was reported that the 13-member OPEC pumped 22.62 million barrels per day (bpd) on average in June, down 1.92 million bpd from May's revised figure.
🛑SUPPORT/RESISTANCE
✅S1= 38.20
✅S2=36.40
✴️R1=40.60
✴️R2=42.10
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.