USOIL Finds Support After 4 Straight Losing Weeks

  • USOil
    (${instrument.percentChange}%)

USOIL - H4

Talk of major countries globally releasing their strategic reserves to contain oil prices and thus stem inflation, brought Oil down last week, which took another hit from Friday's resurgence of COVID-19 fears.

This led to the fourth straight negative week – the longest losing streak in more than a year – and a close below key 38.2% Fibonacci of the "summer Low/October multi-year high" rise. Bias is tilted to the downside at this stage and the commodity in exposed to the next Fibonacci level at around 73.57-74.21, with the next support provided in the sub-70.00 area by the 200Day EMA.

Oil finds support today as sentiment shows signs of improvement and we can see further rebound, but it does not seem ready to challenge the EMA200 ($80.00), above which it will return in the driver's seat.


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Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

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