Aug 252 min read

Crude Oil Analysis: #BlackGold Series

Weekly Analysis: Crude oil

In this week's crude oil market, we’ve seen a mix of bullish and bearish trends that could shape the near-term outlook. Prices have fluctuated between critical support and resistance levels, influenced by global supply concerns and economic data. The market reacted sharply to recent geopolitical tensions, pushing prices above key thresholds. However, the release of inventory data showed a surprising build, causing a brief pullback. As we move forward, these conflicting signals may continue to create a volatile environment.

Upcoming Major Levels

As we look ahead, several major levels are on the radar. The 6640 per barrel mark remains a significant psychological barrier. A sustained break above this level could open the door to further gains, with 6750 and 7650 as potential targets. On the downside, 5840 and 5400 are crucial support levels. A breach below these points might signal a more extended correction. Keep an eye on the 6020 area, which has acted as a pivot in recent sessions, and could serve as an early indicator of directional bias.

Intraday Levels: for Crude oil

For intraday traders, today’s session presents several opportunities. Key levels to watch include resistance at 6380 and 6565, with potential support at 6020 and 5845. Price action near these levels could provide trade setups for quick entries and exits. The 6640 zone could act as a magnet, pulling prices towards it before a decisive move occurs. Stay nimble, as the market could react quickly to any unexpected news.

Watch This Video for More Details

To gain deeper insights into the current crude oil landscape, watch our detailed video analysis where we break down the latest market moves, explore technical setups, and discuss the potential scenarios for the upcoming days. Don’t miss out on expert commentary that could give you an edge in your trading strategy.