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Hello everyone, time cycle round, yesterday past and today present. Hopefully, all traders and investors will get good returns amid the global recession.
Oil price today still moves below 100 level price. At the time of writing oil price is at 89.89 based XTIUSD chart FXOpen in Tradingview. High price is 90.27 and the low price at 86.57. Oil price trying to push to reach the target MA line of roughly 91.01.
News-related Oil from Goldman Sachs. Citing to Oilprice Goldman Sachs revised its Brent price forecast for this quarter down to $110 a barrel. They think Oil price higher remains a strong reason for the record low spare of capacity and low inventories.
XTIUSD Technical Analysis
Oil prices trying to head up after declining to a low level of 86.57. it is could become a signal for a retracement or maybe reversal. But Oil prices are still held by MA 9 as the first target resistance. Bollinger band still on a wide range and tend shows down market. While RSI level 40 is still below the SMA line indicates a downtrend-based indicator.
H1 timeframe oil price now moves near upper band line, buying pressure seems to be weak can seen with small candlesticks body formed on last few hours. MA 9 slope up below the price shows an uptrend in this timeframe with a target of 90.47. Support zone-based lower band roughly 86.93 on this timeframe with RSI level 61 above SMA line indicates a bullish market.
Oil price today still moves below 100 level price. At the time of writing oil price is at 89.89 based XTIUSD chart FXOpen in Tradingview. High price is 90.27 and the low price at 86.57. Oil price trying to push to reach the target MA line of roughly 91.01.
News-related Oil from Goldman Sachs. Citing to Oilprice Goldman Sachs revised its Brent price forecast for this quarter down to $110 a barrel. They think Oil price higher remains a strong reason for the record low spare of capacity and low inventories.
XTIUSD Technical Analysis
Oil prices trying to head up after declining to a low level of 86.57. it is could become a signal for a retracement or maybe reversal. But Oil prices are still held by MA 9 as the first target resistance. Bollinger band still on a wide range and tend shows down market. While RSI level 40 is still below the SMA line indicates a downtrend-based indicator.
H1 timeframe oil price now moves near upper band line, buying pressure seems to be weak can seen with small candlesticks body formed on last few hours. MA 9 slope up below the price shows an uptrend in this timeframe with a target of 90.47. Support zone-based lower band roughly 86.93 on this timeframe with RSI level 61 above SMA line indicates a bullish market.