XTIUSD Chart Technical Outlook US Crude Oil rises on supply cuts and expected increasing demand
US Crude Oil broad is bullish. Prices have been printing higher highs and higher lows since mid-December last year. The ongoing supply cut by OPEC+ and the close rate cuts by major central banks are helping bulls.
Prices are overbought at current levels. I expect a corrective pullback and dips to be bought. A break below $82.85 opens the door for a deeper correction toward the 50% Fibo level at $82.00. Resistances are located at $84.50 and $85.00.
