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WTICRUDE OIL Set to Trade to $100.00?
Are we on the brink of witnessing a monumental shift in the oil market? Traders worldwide are abuzz with excitement as a potential breakout pattern emerges on the H4 time frame of USWTI. Could this pattern signify the beginning of a bullish rally propelling oil prices to soar beyond the $90 mark, even reaching the coveted milestone of $100?
The recent announcement by OPEC+ countries has undoubtedly added fuel to the speculation fire. In a move to stabilize the market, OPEC+ has declared an extension of additional voluntary cuts amounting to 2.2 million barrels per day for the second quarter of 2024. This strategic decision underscores their commitment to reigning in excess supply and supporting oil prices.
But what does this mean for traders and the oil market at large? The answer lies in the dynamics of supply and demand. With production cuts in place, the balance tilts in favor of reduced supply, potentially leading to an increase in demand for oil. As the market adjusts to this new equilibrium, the stage is set for a potential uptick in oil prices.
USWTI
The price on the chart has traded through multiple technical levels and some observations included:
- H4 Timeframe price action shows a trading range developed between lows of $80.25 and $81.35.
- This consolidation is where volume is, and a retest of this could invite further buying pressure.
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