Technical Analysis: USOIL

USOIL climbed for two consecutive days

On Tuesday, USOIL climbed for two consecutive trading days. It ended up 0.43% at US$63.60 per barrel.

Geopolitical tension supported oil prices

Continued geopolitical tension between Russia and Ukraine, America and Iran supported oil prices this week.

US API crude oil inventories decreased

US API crude oil inventories (during the week ending on 30^th May) increased from -4,236 thousand barrels to -3,300 thousand barrels Vs. -900 thousand barrels (forecast).

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, USOIL climbed steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that USOIL will continue rising. Investors should focus on whether USOIL will break through the resistance at 65.2. It will rise further with potential resistance at 67.0 if it breaks above 65.2.

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, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether USOIL will break through the support at 62.4. It will rise further if it retreats but is stable above 62.4.

Key resistance: 65.2,67.0

Key support: 62.4,60.0

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on US EIA Crude Oil Inventories during the day.