OIL May 85 oil test in the coming weeks
Technical Analysis:
The price of oil broke out of a strong bullish channel.
The price reached 80.80 on 01-Mar-2024 and during all these days it created the second bullish channel pattern which lasted for 11 days.
The breakout from the pattern turned out to be solid, increasing the chances of oil testing 85$ per barrel in the coming weeks.
This is also related to an increase in the demand for oil in the market that OPEC is already speculating.
You may find more details in the chart!
Thank you and Good Luck!
Technical Analysis:
The price of oil broke out of a strong bullish channel.
The price reached 80.80 on 01-Mar-2024 and during all these days it created the second bullish channel pattern which lasted for 11 days.
The breakout from the pattern turned out to be solid, increasing the chances of oil testing 85$ per barrel in the coming weeks.
This is also related to an increase in the demand for oil in the market that OPEC is already speculating.
You may find more details in the chart!
Thank you and Good Luck!
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