The crude oil markets made another attempt to rise during Thursday’s trading session, but there is still a lot of resistance above, which has many bullish about the market quite alarmed.
During the Thursday trading session, the West Texas Intermediate Crude Oil Market made an initial attempt to rise, but it appears that we are encountering a bit of a buzzsaw of resistance. I believe that traders will continue to keep a close eye on the $67.50 level, which represents a significant barrier that should hold until it crosses just above the $68 level.
Given the declining demand in China, it appears that pressure on crude will only increase. Naturally, there are also a lot of worries regarding a worldwide slowdown. With that in mind, I believe the rally is still fading somewhat.
The Brent market continues to resemble one another. The $71.50 level is providing some resistance in this instance, but I do believe there will be some psychological support at or near the $70 mark. I’m not sure if the price of crude oil is bottoming, but given how oversold the market is, you would anticipate some resistance rising.
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