Technical Analysis:
Incorporate key trading indicators such as the double line resistance breakout, pullback support, and demand zone analysis to assess price movements in the US Oil market. Identify channels and trendlines to spot potential breakout or breakdown points, confirming with volume and momentum indicators like relative strength index (RSI) and moving average convergence divergence (MACD). Additionally, monitor the US Dollar Index (DXY) for its impact on oil prices, considering its inverse correlation. Stay vigilant for opportunities at support and demand zones, utilizing these levels for entry and exit points in your trading strategy.
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Incorporate key trading indicators such as the double line resistance breakout, pullback support, and demand zone analysis to assess price movements in the US Oil market. Identify channels and trendlines to spot potential breakout or breakdown points, confirming with volume and momentum indicators like relative strength index (RSI) and moving average convergence divergence (MACD). Additionally, monitor the US Dollar Index (DXY) for its impact on oil prices, considering its inverse correlation. Stay vigilant for opportunities at support and demand zones, utilizing these levels for entry and exit points in your trading strategy.
If you like this idea please support with boost comment and follow thanks for with us.
Trade active:
Oil declines due to the strength of the dollar and the possibility of reaching a ceasefire in Gaza
Oil prices fell on Friday in light of the possibility of soon reaching a ceasefire agreement in Gaza, which could lead to easing geopolitical tension in the Middle East, while the rise of the dollar and the decline in demand for gasoline in the United States also led to pressure on prices.
Brent crude futures fell 53 cents, or 0.6 percent, to $85.25 a barrel by 0651 GMT. US West Texas Intermediate crude futures also fell 52 cents, or 0.6 percent, to $80.55 per barrel.
Both crude contracts are heading to end the week stable or with a slight decline after rising more than three percent last week.
IG analyst Tony Sycamore said that the decline in oil came amid reports of a draft United Nations resolution calling for a ceasefire in Gaza, and with the start of another round of profit-taking.
He added, "The ceasefire will help allay fears that the situation in Gaza may spread on a larger scale in the region."
He continued, "In addition, this may encourage the Houthis to stop and allow oil tankers to pass through the Red Sea, which would also be a positive development in terms of helping to balance the dynamics of supply and demand."
US Secretary of State Antony Blinken said on Thursday that he believed the talks in Qatar could lead to a ceasefire agreement in Gaza.
Blinken met with Arab foreign ministers and Egyptian President Abdel Fattah El-Sisi in Cairo, while negotiators in Qatar focus on a truce lasting about six weeks.
In the United States, the world's largest oil consumer, supplies of gasoline products, an indicator of demand, fell below nine million barrels for the first time in three weeks, indicating a possible slowdown in demand for crude oil.
Meanwhile, the dollar, which is inversely proportional to oil prices, rose after the Swiss National Bank's surprise interest rate cut boosted risk appetite. The stronger dollar makes crude oil more expensive for buyers around the world.
Oil prices fell on Friday in light of the possibility of soon reaching a ceasefire agreement in Gaza, which could lead to easing geopolitical tension in the Middle East, while the rise of the dollar and the decline in demand for gasoline in the United States also led to pressure on prices.
Brent crude futures fell 53 cents, or 0.6 percent, to $85.25 a barrel by 0651 GMT. US West Texas Intermediate crude futures also fell 52 cents, or 0.6 percent, to $80.55 per barrel.
Both crude contracts are heading to end the week stable or with a slight decline after rising more than three percent last week.
IG analyst Tony Sycamore said that the decline in oil came amid reports of a draft United Nations resolution calling for a ceasefire in Gaza, and with the start of another round of profit-taking.
He added, "The ceasefire will help allay fears that the situation in Gaza may spread on a larger scale in the region."
He continued, "In addition, this may encourage the Houthis to stop and allow oil tankers to pass through the Red Sea, which would also be a positive development in terms of helping to balance the dynamics of supply and demand."
US Secretary of State Antony Blinken said on Thursday that he believed the talks in Qatar could lead to a ceasefire agreement in Gaza.
Blinken met with Arab foreign ministers and Egyptian President Abdel Fattah El-Sisi in Cairo, while negotiators in Qatar focus on a truce lasting about six weeks.
In the United States, the world's largest oil consumer, supplies of gasoline products, an indicator of demand, fell below nine million barrels for the first time in three weeks, indicating a possible slowdown in demand for crude oil.
Meanwhile, the dollar, which is inversely proportional to oil prices, rose after the Swiss National Bank's surprise interest rate cut boosted risk appetite. The stronger dollar makes crude oil more expensive for buyers around the world.
Trade closed: target reached:
Crude oil prices fall ahead of the release of US inventory data
Crude oil prices were subjected to strong disturbances during global market trading today, Wednesday, and prices recorded a clear decline, amid expectations of an increase in oil supply in the markets during the coming period, especially after Iran raised its production of crude oil during the first two months of the current year, coinciding with the markets’ anticipation of the release of management data. American energy information expected to be released today, which may reveal the volume of American consumption during the past period.
Crude oil prices were subjected to strong disturbances during global market trading today, Wednesday, and prices recorded a clear decline, amid expectations of an increase in oil supply in the markets during the coming period, especially after Iran raised its production of crude oil during the first two months of the current year, coinciding with the markets’ anticipation of the release of management data. American energy information expected to be released today, which may reveal the volume of American consumption during the past period.
Trade closed: target reached:
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