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Analysis and Education>Technical Analysis: USOIL

Technical Analysis: USOIL

30.04.2024

USOIL decreased by more than 1%


On Wednesday, USOIL fell for the second straight trading day. It ended down 1.19% at US$82.14 per barrel.


The situation in the Middle East eased


On Monday, as the situation in the Middle East eased, concerns on crude oil supply declined, putting pressure on USOIL.

US inflation lowered the expectation that the Fed will cut the interest rate


US PCE, y/y (March) increased by 2.8% Vs. 2.7% (forecast), according to the data from the US Department of Commerce last Friday. As US inflation remains high, the expectation that the Fed will cut the interest rate declines.


The bearish market trend prevailed

the Chart of the Day


On the chart of the day, USOIL continued falling. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, showing USOIL will fall further. Investors should focus on whether USOIL will break through the support at 80.6. It will fall further with potential support at 78.3 if it breaks below 80.6.

4-hour chart


On the 4-hour chart, USOIL was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing the market trend is bearish. Investors should focus on whether USOIL will break through the resistance at 83.2. It will fall further if it rebounds but is capped at 83.2.


Key resistance: 83.2,85.5

Key support: 80.6,78.3

 

Generally speaking, as many negative factors put pressure on oil price, USOIL is more likely to fall further in the short term. Investors should focus on API crude oil inventories during the day.

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