Macro:
- Oil prices stabilised after hitting multi-month lows as the market weighed potential output increases in Apr and escalating tariff tensions among Canada, Mexico, China, and the EU.
- Meanwhile, the halted US military aid to the Eastern Europe conflict, and OPEC+ production decisions continue to pressure oil.
Technical:
- USOIL remains in a downtrend, consistently making lower lows while trading below both EMAs, signalling persistent bearish momentum. However, the price is nearing the oversold zone, supported by multiple key levels.
- If USOIL continues declining, it may retest 66.90 and 65.80, aligning with the 78.6% Fibonacci Extension.
- Conversely, holding above 66.90 could lead to a short-term sideways movement, with a potential retest at 70.20, confluence with EMA21, and the descending channel’s upper bound.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- Oil prices stabilised after hitting multi-month lows as the market weighed potential output increases in Apr and escalating tariff tensions among Canada, Mexico, China, and the EU.
- Meanwhile, the halted US military aid to the Eastern Europe conflict, and OPEC+ production decisions continue to pressure oil.
Technical:
- USOIL remains in a downtrend, consistently making lower lows while trading below both EMAs, signalling persistent bearish momentum. However, the price is nearing the oversold zone, supported by multiple key levels.
- If USOIL continues declining, it may retest 66.90 and 65.80, aligning with the 78.6% Fibonacci Extension.
- Conversely, holding above 66.90 could lead to a short-term sideways movement, with a potential retest at 70.20, confluence with EMA21, and the descending channel’s upper bound.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.