Technical Analysis: USOIL

USOIL increased by more than 1%

On Monday, as the demand for crude oil was strong and the USDX fell, USOIL rose. It ended up 1.26% at US$81.51 per barrel.

Goldman Sachs expected that peak oil demand will persist for many years

As peak oil demand will persist for ten years, the global oil market may face supply shortage, analysts at Goldman Sachs said on Monday. Global oil demand will continue rising in the following ten years, and it will reach the peak of 110 million per day in 2034, Goldman Sachs expected.

The USDX dropped

On Monday, the USDX ended down 0.32% at 105.49. It recorded the largest daily decline in one week and a half.

Technically speaking, the bullish market trend prevailed

the Chart of the Day

On the chart of the day, USOIL climbed greatly yesterday. 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 rise further with potential resistance at 84.2 if it breaks above the resistance at 83.0.

4-hour chart

On the 4-hour chart, USOIL was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing the market trend is bullish. USOIL will jump further if it retreats but is stable above the support at 80.0.

Key resistance: 83.0, 84.2

Key support: 80.0, 78.8

Generally speaking, as the prospect for crude oil demand is optimistic, USOIL is more likely to rise further in the short term.