USOIL | Pay Attention at the Level $71-$72!

Oil has found support in a demand zone, with a retest of an upward trendline and a 0.62% Fibonacci level, suggesting the possibility of a recovery towards new highs. On the chart, I've identified a yellow box where the price could consolidate, drawing liquidity below the swing low before resuming the upward movement. As for the fundamental analysis:

Qatar is actively working to mediate a temporary ceasefire in Gaza, facilitating hostage exchanges. Qatar's consistent success in negotiating between the conflicting parties is impacting the crude oil price, especially in a context of easing geopolitical tensions.

The Organization of the Petroleum Exporting Countries (OPEC) will face a long-term challenge in 2024 and 2025 as it tries to limit global production outside of OPEC. They impose strict production quotas on member countries, while non-OPEC producers, such as the United States, exceed OPEC pumping limits.

US Nonfarm Payrolls (NFP) recorded a significant increase in January, reaching a twelve-month high with 353,000 new jobs, well above the market's average forecasts of 180,000. With the US economy demonstrating remarkable resilience and the US labor market remaining at historical highs, the likelihood of an interest rate cut by the US Federal Reserve (Fed) to support the market continues to decrease.

Greetings and best wishes for a great weekend to everyone.

Comment:

Good reaction at the level 0.62% of Fibonacci, during the Asian session. Now I'm waiting the London Session to evaluate a long entry.

Trade active:

Entry at the level 72.96

SL at 70.80
TP at 77.80

My personal risk 1% with a RR 2.23

Trade active:

Good sprint, waiting for the level $75 and then I will move the SL to BE

Comment:

Good uptrend, still a few points and then I will put my SL to BE

Trade closed manually:

I closed this trade with +1.7% of profit.