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Analysis and Education>Technical Analysis: USOIL

Technical Analysis: USOIL

09.07.2024

On Monday, Oil prices retreated as geopolitical tensions eased, ultimately closing down 1.4%, ending a recent rally.

Gaza ceasefire talks disrupt oil prices

The ceasefire talks, brokered by Qatar and Egypt, aim to end the nine-month conflict in Gaza and ease tensions in the oil-rich Middle East.

Some OPEC+ members are overproducing

Several OPEC members, notably Iraq, Kazakhstan and Russia, continue to overproduce despite pledges to stick to quotas.

Technically speaking, the bearish market trend prevailed in the short term 

the Chart of the Day 

On the chart of the day, USOIL fell sharply yesterday. The bearish market trend prevailed in the short term. In terms of technical indicators, KDJ went downwards after death cross occurred, showing USOIL will fall further. It will continue dipping with potential support at 77.6 if it breaks below the support 80.0. 

4-hour chart 

On the 4-hour chart, USOIL fluctuated and declined in the short term. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred at a high level, showing that the market trend is bearish. Investors should focus on whether USOIL will break through the resistance at 82.8. It will fall further if it rebounds but is capped at 82.8. 

Key resistance: 82.8,83.9,

Key support: 80.0, 77.6

Generally speaking, affected by geopolitical factors, oil prices have fallen back, and the short-term downside risk is relatively large. Investors should focus on US economic data during the day. 

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