USOIL Soft On A Mixed Week So Far
USOIL - H4
US Dollar's post-CPI rally weighed USOil down and it remains downbeat today, running a mixed week, despite the solid start to it.
This exposes it again to a familiar and key area of support, as we had warned in our analysis from a couple of days back. Daily closes below the EMA200 and 23.6% Fibonacci (of the summer Low/October multi-year high rise) at around 80.00, will likely pause its upward aspirations.
Such moves would make it vulnerable to fresh November lows (78.24) and could potentially lead to a deeper correction towards the 38.2% Fibonacci (76.36), but testing this level would require more effort.
The commodity had breached the key $80 area last week, but had then managed to rebound. As long as it stays above this level, it stays in the driver's seat and has the ability to push again for new seven year highs (85.42), although two failures this week have created some skepticism.
US Baker Hughes Rig Count is due later in the day, while Monday starts with Retail Sales and Industrial Production form China – all with potential to affect USOIL's movement.
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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