OIL | Market Overview
Oil prices edged lower on Monday despite strong seasonal demand, as the market prepares for an increase in supply. OPEC+ is set to raise production by 411,000 barrels per day starting Tuesday, marking the fourth monthly increase in output. Another similar hike is reportedly under consideration for August, which may further pressure prices.
Technical Outlook
The price remains within the bearish zone and is expected to continue its decline as long as it trades below the pivot level at 65.83.
A daily candle close above 65.83 is required to confirm a potential bullish reversal.
Until then, the bearish trend remains intact, targeting 63.47, 61.83, and potentially 60.16.
Key Levels
Pivot: 65.83
Support: 63.47 / 61.83 / 60.16
Resistance: 68.33 / 69.55
Oil prices edged lower on Monday despite strong seasonal demand, as the market prepares for an increase in supply. OPEC+ is set to raise production by 411,000 barrels per day starting Tuesday, marking the fourth monthly increase in output. Another similar hike is reportedly under consideration for August, which may further pressure prices.
Technical Outlook
The price remains within the bearish zone and is expected to continue its decline as long as it trades below the pivot level at 65.83.
A daily candle close above 65.83 is required to confirm a potential bullish reversal.
Until then, the bearish trend remains intact, targeting 63.47, 61.83, and potentially 60.16.
Key Levels
Pivot: 65.83
Support: 63.47 / 61.83 / 60.16
Resistance: 68.33 / 69.55
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
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.
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
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.