Oil

Crude Oil Weekly/Monthly Outlook – Middle East Tensions Allow Buyers To Defend The $66 Area – What’s Next?

Hello Traders,

As the oversupply fears for Crude Oil intensify and the prices trading lower within this year, yesterday’s tensions escalations in the Middle East with Iran’s retaliation created a spike in Oil prices. Notably, the $66 area managed to hold and causing a big reaction of more than 4% towards the $72 area. Today’s Crude Oil Inventories from US to be announced at 15:30 GMT can add to the overall volatility. That is due for this week, while adding to the list today’s OPE JMMC meetings, Thursday’s US ISM Services PMI as well as Friday’s US NFP.

Furthermore, between October 22nd – 24th in Kazan, Russia the BRICS Summit is expected to take place and any further talks about the de dollarization process of BRICS Oil trade agreements might shift things around.

Oil 4HR – Weekly Outlook – RSI Suggests Buyers In Control – Might Be Looking For the $80 Area If Trendline Breaks (Source NYMEX )

crude oil technical outlook 02.10.2024

 

Monthly Outlook – Daily Timeframe – RSI & Price Trendline In Focus – If Broken Buyers Aim For $80 Otherwise Sellers Looking For $63.76 – 2023 Lows (Source: NYMEX)

oil monthly outlook oct 2024

 

Current technical data suggests that buyers might be looking for the breakout towards the $80 mark while if reached the area might produce a reaction down the line, as we are trading within an interesting and eventful month in which might be providing the market with significant levels of volatility. Traders should be aware of the technical outlook and following up with the economic data and BRICS summit later this month.

If you are new here and you do not already have a trading account you can sign up at: https://www.oneroyal.com/en/

Risk Disclaimer: The information provided on this page, including market analysis, forecasts, and opinions, is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any financial instruments. Investing in financial instruments involves significant risk, including the potential loss of the principal amount invested. Leveraged products, such as CFDs and forex, carry a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The firm does not guarantee the accuracy or completeness of the information provided and shall not be liable for any losses or damages arising from reliance on this content. By using this page, you acknowledge and accept these risks.

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on email
Email
  • All
  • Blog
  • Economic Events
  • Featured Articles
  • Learn to Trade
  • Market Analysis
  • Market Analysis
  • News
  • News
  • OneRoyal News
  • Press Releases
  • Uncategorized
  • أخبار OneRoyal
  • الأحداث الاقتصادية
  • تحليل الأسواق
  • تصريحات صحفيه
  • تعلم كيف تتداول
  • غير مصنف
  • غير مصنف
  • مقالات مميزة
Blog

Can Bitcoin Break To All Time Highs? Technical Outlook & Potential Targets

Read More →

Newest From Category

Newest from