Based on the current chart, it appears that
WTI
crude oil is approaching an inverse resistance level—a threshold it has decisively surpassed only twice before. The first instance occurred in 2015, a period influenced by OPEC's late 2014 decision to maintain production levels instead of cutting them, which would have bolstered prices. The second breach coincided with the onset of Covid during a time when roads were nearly void of cars due to global lockdowns. Now, as we navigate through 2023 with an economy in motion, those with an inclination for strategic investments might find merit in monitoring this zone for a potential long entry opportunity.
Long Target: $10 by March 2024
WTI
crude oil is approaching an inverse resistance level—a threshold it has decisively surpassed only twice before. The first instance occurred in 2015, a period influenced by OPEC's late 2014 decision to maintain production levels instead of cutting them, which would have bolstered prices. The second breach coincided with the onset of Covid during a time when roads were nearly void of cars due to global lockdowns. Now, as we navigate through 2023 with an economy in motion, those with an inclination for strategic investments might find merit in monitoring this zone for a potential long entry opportunity. Long Target: $10 by March 2024