Chart of the day: OIL (31.05.2021)

8:12 AM 31 May 2021

At the end of last week, one could observe a local correction in the crude oil market. Nevertheless, looking at the H1 interval, the sell-off slowed down at the key short-term support level. The zone at $ 68.85 is marked with the lower limit of the 1: 1 structure and earlier price reactions. According to the Overbalance methodology, as long as the price sits above - buyers seem to be in advantage. If the upward move continues, the $ 70 area should be seen as the next major resistance.

OIL interval H1. Please note that due to public holidays in the UK, trading on OIL will take place until 6:30 pm BST. Source: xStation5

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