Crude Oil Markets Consolidate Amidst Rally CrudeOil crudeoilprice
While this is a positive development, it is important to note that the market is still entrenched within a consolidation phase that has persisted for some time. The $75 level represents the upper boundary of this consolidation range.
Despite the recent bullish momentum, the overall sentiment remains uncertain due to the ongoing consolidation phase.ike WTI Crude Oil, the Brent markets experienced a rally in the past week, and prices are approaching the 50-DayThe $77.50 level is a significant barrier and acts as a market ceiling, while the $71.50 level serves as potential support. Although Friday's trading session witnessed an upward movement, the market consolidated, creating a basing pattern as it searched for direction.
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