USOIL remains overall bearish, continuing to trade inside the red descending channel that has guided the broader trend.
Recent geopolitical tensions in the Middle East, particularly following the latest US strikes on Iranian targets and the continued uncertainty surrounding the Strait of Hormuz, have provided support for oil prices. As a result, price rejected the blue support and demand area, which aligns with the lower boundary of the descending channel, and has started to recover.
⭕If geopolitical tensions continue to support oil prices, the current recovery may extend toward the upper boundary of the descending channel, where it aligns with the red supply area. From there, we can start looking for trend-following sell setups on lower timeframes, in line with the broader bearish trend.
⭕However, if price breaks above both the upper boundary of the channel and the red supply area, it would suggest that buyers are gaining stronger control, increasing the probability of a broader bullish correction.
The next move in oil will likely depend on whether geopolitical tensions continue to support prices, or if the broader bearish trend begins to reassert itself.
⚠️Disclaimer: This analysis reflects my personal market view and is not financial advice.
Rayan Nasser
#USOIL #WTI #CrudeOil #Oil #TechnicalAnalysis #PriceAction #Trading #MarketStructure
Recent geopolitical tensions in the Middle East, particularly following the latest US strikes on Iranian targets and the continued uncertainty surrounding the Strait of Hormuz, have provided support for oil prices. As a result, price rejected the blue support and demand area, which aligns with the lower boundary of the descending channel, and has started to recover.
⭕If geopolitical tensions continue to support oil prices, the current recovery may extend toward the upper boundary of the descending channel, where it aligns with the red supply area. From there, we can start looking for trend-following sell setups on lower timeframes, in line with the broader bearish trend.
⭕However, if price breaks above both the upper boundary of the channel and the red supply area, it would suggest that buyers are gaining stronger control, increasing the probability of a broader bullish correction.
The next move in oil will likely depend on whether geopolitical tensions continue to support prices, or if the broader bearish trend begins to reassert itself.
⚠️Disclaimer: This analysis reflects my personal market view and is not financial advice.
Rayan Nasser
#USOIL #WTI #CrudeOil #Oil #TechnicalAnalysis #PriceAction #Trading #MarketStructure
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.