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Analysis and Education>Technical Analysis: USOIL

Technical Analysis: USOIL

31.01.2024

USOIL increased by more than 1%


On Tuesday, as the outlook for crude oil market was optimistic, USOIL climbed. It ended up 1.07% at US$77.73 per barrel.


IMF raised the forecast for 2024 economic growth


On Tuesday (January 30), local time, the IMF released the latest report on World Economic Outlook. As inflation growth slows down, the world economy’s soft landing may occur, but risks still exist, the IMF said.


Saudi Aramco suspended expanding petroleum production capacity


Saudi government has claimed for suspension of petroleum production increase and will keep the petroleum production unchanged at 12 million barrels per day instead of increasing it to 13 million barrels per day, Saudi Aramco said on Tuesday.


Technically speaking, the bullish market trend prevailed


the Chart of the Day


On the chart of the day, USOIL was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing USOIL will rise further. USOIL will jump further with potential resistance at 83.5 if it breaks above the resistance at 79.7.


4-hour chart


On the 4-hour chart, USOIL was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing the market trend is bullish. USOIL will rise further if it retreats but is stable above the support at 75.8.


Key resistance: 79.7, 83.5

Key support: 75.8, 73.4

 

Generally speaking, as the outlook for world economic growth was optimistic, USOIL is more likely to rise further in the short term. Investors should focus on EIA crude oil inventories during the day.

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