Supply: The United States has intensified its energy sanctions against Iran. Attacks on Saudi facilities have affected their performance. The OPEC+ will gradually lift the voluntary production cuts starting from April and may increase production for the second time in May. The 30-day ceasefire agreement between Russia and Ukraine has not been effectively implemented in substance. However, recently, the United States, Russia, and Ukraine have reached some consensus on Black Sea navigation and the protection of energy facilities.
From a technical perspective, when the price repeatedly encounters resistance below an important resistance level and fails to achieve an effective breakthrough, it is often a bearish signal. This implies that the selling force in the market is dominant. Once the price starts to retrace due to its inability to break through the resistance, it may initiate a downward trend. Therefore, based on the strong resistance level at 70.000, there is a certain basis in technical analysis for a bearish outlook.
💎💎💎 USOIL 💎💎💎
🎁 Sell@70.000 - 70.200
🎁 TP 68.5 68.0 67.5
The market has been extremely volatile lately. If you can't figure out the market's direction, you'll only be a cash dispenser for others. If you also want to succeed，Follow the link below to get my daily strategy updates
From a technical perspective, when the price repeatedly encounters resistance below an important resistance level and fails to achieve an effective breakthrough, it is often a bearish signal. This implies that the selling force in the market is dominant. Once the price starts to retrace due to its inability to break through the resistance, it may initiate a downward trend. Therefore, based on the strong resistance level at 70.000, there is a certain basis in technical analysis for a bearish outlook.
💎💎💎 USOIL 💎💎💎
🎁 Sell@70.000 - 70.200
🎁 TP 68.5 68.0 67.5
The market has been extremely volatile lately. If you can't figure out the market's direction, you'll only be a cash dispenser for others. If you also want to succeed，Follow the link below to get my daily strategy updates
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Related publications
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.