USOIL to $84 - Technical and Fundamental Analyst.
Disclaimer: This is my personal idea and perspective on USOIL. I am not a financial advisor and hold no certifications in finance. This is purely my personal view.
Technical Analysis: US Oil is currently in a bearish trend on the daily time frame. There have been two rejections at the daily support level, indicating potential for a reversal (buying pressure). From a technical standpoint, the market is forming a double bottom pattern, with the neckline at the $72 level. I expect the market to move upward, with the first target being the golden Fibonacci ratio at $77.
The second target is $80. I anticipate a correction around this level. Besides being a psychological number, $80 also acts as a strong daily resistance.
The third target is at $84. After the correction at $80, I foresee the market continuing its upward movement toward $84. This is the 2.618 Fibonacci ratio and a very strong resistance level.
Can the price continue to rise after hitting $84? Yes, it can. However, my main focus is on the levels of $77, $80, and $84.
Fundamental Analysis: Geopolitically, tensions in the Middle East are rising, and this will likely have a significant impact on USOIL. The Middle East is home to major oil producers, and key oil distribution routes also pass through the region. If these geopolitical tensions escalate, it will directly affect USOIL prices, according to the basic economic principle of supply and demand.
Again, I am just a small trader sharing my analysis on USOIL. I have no vested interest in this; it’s purely an idea coming from my thoughts. The next question is, when will USOIL reach my targets? I predict it will happen within 90 days from now
. God bless us. Thanks.
Technical Analysis: US Oil is currently in a bearish trend on the daily time frame. There have been two rejections at the daily support level, indicating potential for a reversal (buying pressure). From a technical standpoint, the market is forming a double bottom pattern, with the neckline at the $72 level. I expect the market to move upward, with the first target being the golden Fibonacci ratio at $77.
The second target is $80. I anticipate a correction around this level. Besides being a psychological number, $80 also acts as a strong daily resistance.
The third target is at $84. After the correction at $80, I foresee the market continuing its upward movement toward $84. This is the 2.618 Fibonacci ratio and a very strong resistance level.
Can the price continue to rise after hitting $84? Yes, it can. However, my main focus is on the levels of $77, $80, and $84.
Fundamental Analysis: Geopolitically, tensions in the Middle East are rising, and this will likely have a significant impact on USOIL. The Middle East is home to major oil producers, and key oil distribution routes also pass through the region. If these geopolitical tensions escalate, it will directly affect USOIL prices, according to the basic economic principle of supply and demand.
Again, I am just a small trader sharing my analysis on USOIL. I have no vested interest in this; it’s purely an idea coming from my thoughts. The next question is, when will USOIL reach my targets? I predict it will happen within 90 days from now
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