- The price of oil falls before possible profit taking.
- WTI went as high as $ 83.96 before changing direction.
The Oil is falling on Thursday, retreating from highs in years. WTI’s barrel is trading just below 83.00, shedding 0.70% on the day. Hours later, it reached $ 83.94, reaching the highest since October 2014.
The increases were moderated before a possible taking of gains and before a recovery of the dollar. The uptrend remains strong, although the chart shows the price struggling near $ 84.00. A close above would enable a bullish extension. On the downside, strong supports are seen at $ 81.55, $ 79.50 and $ 76.80.
The fear that the oil rally has spread too much may gain momentum. But at the same time, if optimism persists in the stock markets and in the global recovery of the economy, crude will have a support.
In the short term, another factor supporting oil was the EIA inventory data. Several US economic reports will be released on Thursday that may have an impact on financial markets.
Technical levels
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