Hello guys,
#USoil failed to break the 90 level, and bounced back.
Fundamental Analysis
US CPI has raised to 3.5% from 3.2% forcing the FEDS to delay any planned rate cuts, this break on growth to give more time to inflation to drop.
Slower growth due to Higher for longer ( Higher interest rates for longer time) would decrease the demand on oil for the time being.
Technical Analysis
#UScrude has shaped a lower high, and this is an indication of reversal, failing to break the 90 level teaches us Buyers are taking profit now, and further decline is expected.
Conclusion
Usoil is expected to continue to be under pressure to 75 level, however breaking below the 75 would trigger the 72 level, taking a short position now and target at 72 level would be great, and then we take a long position at 72 to target 77 level.
#USoil failed to break the 90 level, and bounced back.
Fundamental Analysis
US CPI has raised to 3.5% from 3.2% forcing the FEDS to delay any planned rate cuts, this break on growth to give more time to inflation to drop.
Slower growth due to Higher for longer ( Higher interest rates for longer time) would decrease the demand on oil for the time being.
Technical Analysis
#UScrude has shaped a lower high, and this is an indication of reversal, failing to break the 90 level teaches us Buyers are taking profit now, and further decline is expected.
Conclusion
Usoil is expected to continue to be under pressure to 75 level, however breaking below the 75 would trigger the 72 level, taking a short position now and target at 72 level would be great, and then we take a long position at 72 to target 77 level.