NYMEX March 2024 (MAR4) crude oil prices showed that the downward trend continues with resistance at 1.8900. The current situation shows that the decline will continue as long as it follows the resistance at 1.8900.
However, another situation arises: If there is a break above the 1.8900 resistance, continuation is possible. Report changes in labor costs. In this case, the next target of oil prices will be 1.9600 and then 2.0100.
According to the last update, the current price is 1.8130, down 2.22% on the day. This decline supports the importance of the 1.8900 resistance level in the market decision.
It is very important for traders and investors to keep an eye on support levels for further declines. Initial support is at 1.6900, followed by strong support at 1.6500. These levels may be followed by further declines and may provide buying opportunities for those who want to enter the market.
And for those who think there will be competition, it is important to pay attention to the resistance level. If the price manages to rise above 1.8900, it could lead to the impact of buying interest with a target of 1.9600 and 2.0100.
Overall, the intraday dynamics of natural gas prices show that a careful study has been made by focusing on important support and resistance levels. Traders should be warned against any breakout or reversal event as these signs can provide good results in a negative energy market.
