CL New York Crude Oil – Oil Prices Continue to Correct Amid Hopes for a US-Iran Ceasefire Agreement

New York July crude oil futures have been fluctuating wildly since March, forming a triangle pattern. Prices have broken down below this sensitive triangle, and the 10-day moving average has crossed below the 25-day moving average, creating a bearish crossover. Further downside is expected. Nearest resistance levels are expected at $89 and $92.50, with the next level at the 94-day and 50-day moving averages around $97.50. The supporting levels are expected at $87 and $85, with further support at the 100-day moving average around $83.75 and the $80 level.

Forecast range:
Resistance: $89.00 – $92.50 – $94.00 – $97.50
Support: $87.00 – $85.00 – $83.75 – $80.00

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