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Prices for "Black Gold" Resumed Growth

2/8/2023 11:03 AM

During the Asian session, WTI Crude Oil shows ambiguous dynamics, consolidating near 77.40.

Yesterday, the quotes significantly strengthened, continuing the development of the upward momentum formed at the beginning of the week against the background of the release on the dynamics of energy reserves. Thus, the report from the American Petroleum Institute (API) reflected a drop in the index by 2.184M barrels after an increase of 6.33M barrels earlier, and now investors are waiting for a similar publication from the Energy Information Administration of the US Department of Energy (EIA): analysts suggest that the value increase by 2.15M barrels after an increase of 4.14M barrels in the previous period.

Another "bullish" factor for the trading instrument is the devastating effects of earthquakes. The Turkish port of Ceyhan and the Syrian oil refinery in the province of Tartus were suspended. All this reduces the volume of supply in the market, supporting prices.

On the daily chart, Bollinger bands are moderately declining: the price range is narrowing, reflecting the emergence of multidirectional trading dynamics in the short term. The MACD indicator is growing, keeping a relatively strong buy signal (the histogram is above the signal line). Stochastic demonstrates steady growth, quickly approaching its highs, indicating the risks of the instrument being overbought in the ultra-short term.

Resistance levels: 78.00, 78.74, 79.81, 81.00. | Support levels: 77.00, 76.00, 75.00, 74.00.

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