Oil attempts to rebound from support level

06 December 2022 293
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The oil price experienced sellers' pressure once again yesterday, and now it’s near the local lows. At the moment, a triple bottom is forming, from which at least a rebound or a full-fledged formation of a new rising trend is possible.

 

There was no fundamentally negative news for the oil market. Most likely, oil declined yesterday under the influence of other risky assets, which corrected against the background of the positive U.S. statistics.

 

A positive event for the oil market is China opening, which will certainly increase the demand for "black gold".

On the RSI oscillator, oil is again near the oversold level, from which a rebound can also be expected.

 

First growth target: the level of the 200-day moving average of $94 per barrel.

This content is for informational purposes only and is not intended to be investing advice.

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