US Oil Tepid After 2-Month Highs
USOIL – H4
The commodity had a poor November, but December was profitable and the new year has started on the offensive, with the current week being the fourth straight profitable one.
This led to two-month highs yesterday, which have opened the door towards October's multi-year highs (85,42), but we are not sure that it is ready to surpass it and bring 90.76 into the spotlight.
The move seems overextended and October's highs had led to the previously mentioned November decline, so a correction from these levels could be in the cards. As such we could see pressure towards 80.49-79.94, but the downside seems to have multiple support levels. For the upside momentum to pause, a break below the EMA200 would be required (76.10-58).
Today's calendar is light, with US PPI and Jobless claims standing out, while Fed's Ms Brainard testifies in the Senate.
Past Performance: Past Performance is not an indicator of future results.
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
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