USOIL remains under pressure

USOIL remains under pressure, with the price approaching the support-turned-resistance zone at 72.00, which coincides with the 100% Fibonacci extension level. A reversal below the 72.00 resistance could prompt a further decline and a potential retest of the 66.00 support zone. The Ichimoku cloud also shows bearish pressure, indicating the potential for a further decline.

Conversely, a break above 72.00 could prompt a further rise, with 75.00 as the next potential resistance.

Analysis by: Li Xing Gan, Financial Market Strategist at Exness