Oil Technical Analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Oil price surged strongly from around $90 to about $118 before pulling back sharply as traders took profits. After a long rejection at the top and a strong bearish candle, the price is now near $102.50 and trying to hold support around the $100–$102 area. The main resistance levels are $106 and $115–$118, while $100 is key psychological support. Although the overall trend remains bullish, the price is far above the 60-period moving average near $85.86, showing the market is overextended and could see a deeper pullback. If $100 holds, oil may consolidate and try to retest $115, but a clear break below $100 could push the price back toward $90.



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