• Aug 8, 2024
  • Energies

Oil May Begin a Fresh Climb Soon

Oil prices rose for the third consecutive session on Thursday, driven by easing demand concerns from better-than-expected U.S. job data and escalating tensions in the Middle East. Brent crude increased by 0.73% to $78.90 per barrel, while U.S. West Texas Intermediate climbed 1.16% to $76.10. The market was also influenced by a significant drop in U.S. crude inventories and concerns over potential disruptions in oil supply due to geopolitical tensions. Analysts noted the possibility of Brent prices rebounding to the low-to-mid $80s, citing tight market conditions and ongoing risks. Additionally, Libya's reduced oil production due to protests further supported prices.

XBRUSD – H2 Timeframe

XBRUSDH2.png

XBRUSD has recently been rejected off the daily timeframe pivot, with a ‘double break of structure’ price action pattern, a possible bullish sentiment. The trendline support, Fibonacci retracement level, and the drop-base-drop demand zone all point in favor of a bullish outcome. The lower timeframes would, however, provide the basis for an entry in this regard.

Analyst’s Expectations: 

Direction: Bullish

Target: 81.00

Invalidation: 75.40

XTIUSD – H1 Timeframe

XTIUSDH1.png

The 1-hour timeframe chart of the price action on XTIUSD closely mirrors the price action pattern on XBRUSD above; we have the same double-break of structure pattern, the drop-base-rally demand zone, the trendline support, and finally, the 76% of the Fibonacci retracement tool. The sentiment in this regard, is exactly the same: bullish.

Analyst’s Expectations: 

Direction: Bullish

Target: 77.00

Invalidation: 71.32

CONCLUSION

You can access more of such trade ideas and prompt market updates on the telegram channel.

TRY TRADING NOW

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

Share with friends:

Photo

Author: Adetola-Freeman Ogunkunle