CL OIL, H4 6 March 2024
Oil prices experienced a downturn, facing substantial pressure from the prevailing risk-off sentiment in the market, particularly in anticipation of the Federal Reserve Chair Jerome Powell's testimony scheduled for today. The heightened uncertainty has led to minimal volatility in oil prices as traders await the outcomes of the ongoing China People's Congress meeting, recognizing the potential impact of China's policies on oil prices.
Oil prices have declined to their support level of 78.65, which is a potential rebound level. Suggesting a bearish momentum is forming.
Resistance level: 81.20, 84.10
Support level: 78.65, 75.20
Oil prices experienced a downturn, facing substantial pressure from the prevailing risk-off sentiment in the market, particularly in anticipation of the Federal Reserve Chair Jerome Powell's testimony scheduled for today. The heightened uncertainty has led to minimal volatility in oil prices as traders await the outcomes of the ongoing China People's Congress meeting, recognizing the potential impact of China's policies on oil prices.
Oil prices have declined to their support level of 78.65, which is a potential rebound level. Suggesting a bearish momentum is forming.
Resistance level: 81.20, 84.10
Support level: 78.65, 75.20