USOIL Reverses? 21.04.2023 by BDSwiss_Academy on TradingView.com
Recently its price moved strangely downwards. Economists say that this is technical correction after the gap created from the OPEC+ announcements for supply cuts.
Further resistance near the 77 USD level would spark the retracement to the 79.4 USD level, the 61.8% of the total movement downwards.
Taking into account the commodity’s volatility it is more probable that resistance will hold. However, this is an H4 Chart.
Price is greatly affected by news and scheduled figures, not like Gold though. RSI started also to slow down. Next week will tell, but I am more in favor of the upside currently.
