03.02.202320:57 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Oil for February 3rd, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

A few days ago we warned bulls that Oil price getting rejected and turning lower was a bad sign for them. We also warned that bulls will need to defend the $77.50-$76.50 support area otherwise there was danger for more downside. Yesterday price closed below the Daily Kumo providing a new bearish signal. Price today is making fresh lows towards $73. According to the Ichimoku cloud indicator trend is bearish. Resistance is at $77.50 and bulls will need to break above this level in order to change trend to neutral. With the RSI still not in oversold levels, we expect Oil price to continue lower over next week.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.