Hello there, if you’re searching for oil market technical analysis for today’s date, October 12th, 2023, you’ve come to the right place. Guriforex is committed to keeping our readers informed on the latest market updates and providing comprehensive technical analysis setups. Without further ado, let’s delve into our analysis.

The Oil Market Technical Analysis!

The XBRUSD, which represents the oil market, is currently in a consolidation phase between 85.90 and 87.50. A significant gap has recently emerged below the current price level, adding an interesting element to the market structure.

If the price manages to remain above the 85.90 support level, an upward trend is likely to continue. This could project XBRUSD towards 89.20 and possibly even 90.80. A bullish trend may arise from positive economic indicators, robust demand, or supply disruptions in oil production and distribution.

However, if the price successfully breaks the support level at 85.90 and closes below it, a downward movement towards 83.10 is anticipated. A shift in market sentiment may result from demand shifts, geopolitical factors, or supply chain dynamics, indicating changing market conditions.

Summary

Oil market’s current consolidation phase within the 85.90 – 87.50 range is essential for determining its future trajectory. Traders and investors are carefully monitoring these levels with a keen eye on potential breakout patterns.

Staying above 85.90 could trigger a bullish rally; breaching it might signal a bearish trend. Stay updated for insights.

Market shifts, especially concerning oil prices, necessitate vigilance. The volatility calls for timely updates to adapt and strategize.

Furthermore, staying informed about significant news and events is crucial. This ensures informed decision-making in this dynamic market. For more update, stay  tuned with us