USOIL - H4
The final week of the year starts on the back foot, as fears over the omicron variant and a recent string of flight cancellations weigh on the commodity.
This makes it vulnerable to the 200Day EMA (69.60-70), although the downside seems well protected at this stage. The next area of support comes in at the broader 67.20-66.10 area.
Despite today's difficulties, USOIL managed to close last week above the EMA200 (black line) and has not lost the ability to push for 76.64, but it does not look ready for a bigger rise towards 79.23.
The economic calendar is light on data due to the holiday season, but US API Oil Stockpiles are due tomorrow, while caution is needed on liquidity/volatility conditions.
Past Performance: Past Performance is not an indicator of future results.
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.