Brent Holding Its Breath at $60: A Bounce or a Break?
Brent is hovering around $60/barrel in the Asian session, but the market is still holding its breath. The $60 area is a psychological level: if buyers are strong, there's usually a small technical bounce. However, if risk-off sentiment and supply feel tight, prices can easily "drop" and continue to weaken.
The most influential narrative now remains the supply vs. demand narrative: the supply side remains heavy (OPEC+ and global supply), while on the demand side, the market is awaiting signals from major economic data (US/China) and geopolitical headlines. (asd)
The oil price at the time of this analysis is $60.00
- Buy if the price moves within the $60.30 range
- Sell if the price moves within the $60.12 range
Resistance 2: $60.60
Resistance 1: $60.40
Support 1: $59.98
Support 2: $59.87
Disclaimer: This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
