USOIL poised for further gains
Fundamental Perspective: USOIL continues its rally driven by escalating geopolitical tensions and concerns about potential disruptions in US supplies during the intensifying hurricane season. Optimism surrounding the summer driving season is expected to increase demand and underpin further price gains. Despite uncertainties about softer demand from China, one of the world's largest oil importers grappling with a property crisis, fears of a broader regional conflict in the Middle East persist, further bolstering oil prices.
Technical Perspective: Technically, USOIL maintains strong bullish momentum after rebounding above its daily ascending trend line and breaking a significant structure with a close above the latest swing high (BOS). Currently, the price is approaching resistance at 84.00, where a breakout above this level could prompt a further rally towards the 86.00 resistance. While USOIL remains in a bullish market structure, a throwback might occur, with a potential retracement towards the 78.00 support zone.
Technical Perspective: Technically, USOIL maintains strong bullish momentum after rebounding above its daily ascending trend line and breaking a significant structure with a close above the latest swing high (BOS). Currently, the price is approaching resistance at 84.00, where a breakout above this level could prompt a further rally towards the 86.00 resistance. While USOIL remains in a bullish market structure, a throwback might occur, with a potential retracement towards the 78.00 support zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.