Crude oil technical analysis

Source: Dukascopy Bank SA
ude oil has recently reversed from the 56.70600 price level, indicating a potential shift toward bullish momentum. If buying pressure continues, prices may test resistance levels at 63.6300, 65.80500, and 70.329900, with each level marking a potential point of profit-taking or consolidation. On the downside, any resurgence of bearish sentiment could push prices toward the support level at 52.1000, and if this level fails to hold, a retest of the 56.7000 support zone may follow. Market participants should watch for economic data, geopolitical developments, and supply-demand dynamics to assess the strength of either move.



On the downside, any resurgence of bearish sentiment could push prices toward the support level at 52.1000, and if this level fails to hold, a retest of the 56.7000 support zone may follow. Market participants should watch for economic data, geopolitical developments, and supply-demand dynamics to assess the strength of either move.
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