08.02.202315:41 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Oil for February 8th, 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.

Oil price has bounced strongly over the last two sessions and has reached key resistance area of $77.50-$78. In Ichimoku cloud terms price is now in a neutral trend as it has entered the Daily Kumo (cloud). Price is also above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Support by the two indicators is at $77.35. The lower cloud boundary is at $76.98. So as long as price is above $76.98-$77.35 bulls have hopes for a bounce towards the upper cloud boundary around $81-$82. The Chikou span (black line indicator) remains in a bearish position below the candlestick pattern.

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.