USOIL, The path to 100
Hello everyone, as we all know the market action discounts everything :)
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Oil prices recovered losses after falling more than 3% the previous session, as investors assessed the impact of reducing Russia-Ukraine tensions against a tight global supply-demand balance.
The market seems to be moving in a positive way after seeing the Oil prices rise mainly because of the tensions between Russia and Ukraine and today it's trading at 92.90 per barrel with a Bullish candle showing on the charts.
We might see a drop back to the main support area located near the 84$ zone where a big battle will happen between the Bears and the Bulls over control with the outcome being most likely to the Bulls.
Technical indicators show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign)
2) The MACD is above the zero line indicating a Bullish market with a positive crossover between the MACD line and the Signal line.
3) the RSI is at 66.48 showing Great strength in the market with no Divergences found between the market and the indicator.
Support & Resistance points :
support Resistance
1) 90.27 1) 96.47
2) 86.38 2) 98.78
3) 84.07 3) 102.67
Fundamental point of view :
Moscow's statement on Tuesday of a partial army withdrawal from Ukraine's borders was treated with skepticism, with US President Joe Biden warning that more than 150,000 Russian troops were stationed near the frontiers.
Aside from the Ukraine crisis, the oil market remains tight, and prices are still on track to reach $100 per barrel.
While the Ukraine situation raged on, the US Labor Department revealed that producer prices rose by the highest in eight months in January, a reminder that high inflation may remain for the rest of the year.
Investors are looking forward to the Energy Information Administration's weekly report on US oil inventories, which is due on Wednesday.
Last week, crude and distillate inventories in the United States may have fallen by 1.5 million to 1.6 million barrels.
According to market sources on Tuesday, data from the American Petroleum Institute revealed a decline in crude, gasoline, and distillate stocks last week.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
Oil prices recovered losses after falling more than 3% the previous session, as investors assessed the impact of reducing Russia-Ukraine tensions against a tight global supply-demand balance.
The market seems to be moving in a positive way after seeing the Oil prices rise mainly because of the tensions between Russia and Ukraine and today it's trading at 92.90 per barrel with a Bullish candle showing on the charts.
We might see a drop back to the main support area located near the 84$ zone where a big battle will happen between the Bears and the Bulls over control with the outcome being most likely to the Bulls.
Technical indicators show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign)
2) The MACD is above the zero line indicating a Bullish market with a positive crossover between the MACD line and the Signal line.
3) the RSI is at 66.48 showing Great strength in the market with no Divergences found between the market and the indicator.
Support & Resistance points :
support Resistance
1) 90.27 1) 96.47
2) 86.38 2) 98.78
3) 84.07 3) 102.67
Fundamental point of view :
Moscow's statement on Tuesday of a partial army withdrawal from Ukraine's borders was treated with skepticism, with US President Joe Biden warning that more than 150,000 Russian troops were stationed near the frontiers.
Aside from the Ukraine crisis, the oil market remains tight, and prices are still on track to reach $100 per barrel.
While the Ukraine situation raged on, the US Labor Department revealed that producer prices rose by the highest in eight months in January, a reminder that high inflation may remain for the rest of the year.
Investors are looking forward to the Energy Information Administration's weekly report on US oil inventories, which is due on Wednesday.
Last week, crude and distillate inventories in the United States may have fallen by 1.5 million to 1.6 million barrels.
According to market sources on Tuesday, data from the American Petroleum Institute revealed a decline in crude, gasoline, and distillate stocks last week.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
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