The WTI oil was up 2.5% on Tuesday, rising above 68 USD, which are levels last seen in October 2018.

As long as oil remains above previous highs of 68 USD, the short-term outlook seems bullish. 

Bulls will be targeting the psychological level of 70 USD, and it is very likely the target will be reached this week. If the support at 68 USD does not hold, another demand zone could be observed at around 66.80 USD.

Sentiment remains positive as inflation is on the rampage. Thus, dips should be bought, and the long-term uptrend is expected to stay intact. 

Additionally, the US dollar continues to decline every day, strongly supporting commodities, and oil is taking advantage of it. 

Source: https://www.axiory.com/technical-analysis/oil-at-new-cycle-highs

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Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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