Good rally on oil. WTI oil rallies on the back of lower than expected US crude oil inventories. The sanctions on Iran and a rise in demand has also contributed to the rally on WTI oil. After the breakout of the 70.00 level, the commodity rises to the 71.43 level, but the price has fallen back down from that zone. Therefore, we could see a false breakout if the next candle is to the downside. On the other hand, if it continues rallying, the price may reach the 75.00 level. Even after a pullback, the 70.00 level could act as support.
I have some interesting analitics!
The price of oil continues to grow strongly. The key signal for continuing growth was the breakdown of the volume zone 71.50. It should be noted that the key liquidity of buyers in the local context is concentrated in the support zone of 70.50 - 70.15. Local support for the last pulse is in the zone of the 73.00. We see the continued growth in the value of the asset with target levels around 74.40!