Will Trump's policies extend USOIL's decline?
USOIL pared recent gains after Trump declared a national energy emergency to boost US oil production and proposed halting Venezuelan oil imports, raising concerns about oversupply. However, ongoing sanctions on Russia and a winter storm disrupting oil production in North Dakota helped limit the downside in oil prices.
From a technical perspective, USOIL dipped following a retracement from the ascending channel's upper bound and resistance at 80.00. The price is approaching the channel's lower bound and support level at 75.00, which coincides with the 38.2% Fibonacci retracement. A rebound above the 75.00 support could prompt a further rise and retest of the resistance at 80.00. Conversely, a break below 75.00 could drive USOIL toward the next potential support and 61.8% Fibonacci retracement near 72.00.
Author: Li Xing Gan, CMT, CFTe,
Financial Market Strategist Consultant to Exness
From a technical perspective, USOIL dipped following a retracement from the ascending channel's upper bound and resistance at 80.00. The price is approaching the channel's lower bound and support level at 75.00, which coincides with the 38.2% Fibonacci retracement. A rebound above the 75.00 support could prompt a further rise and retest of the resistance at 80.00. Conversely, a break below 75.00 could drive USOIL toward the next potential support and 61.8% Fibonacci retracement near 72.00.
Author: Li Xing Gan, CMT, CFTe,
Financial Market Strategist Consultant to Exness
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