USOIL (It looks bearish)

2월 5일

USOIL OUTLOOK USOIL

The oil price resumes its negative trading to achieve its expected target at 72.87 and provides negative pressure on it, reinforcing expectations that the downtrend will continue to dominate and opening the way to heading toward our next target, which reaches 69.78



Hence, the downward trend scenario will remain in place during the coming sessions, taking into account that breaching 72.87 will stop the expected decline and push the price to test the pivotal resistance at 73.73 and 76.44 before any new attempt to decline.

Pivot line: 72.16
resistance line: 73.73 & 75.43 & 76.44
Support Line: 69.78 & 68.00 & 69.85

The expected trading range for today is between support 69.78 and Resistance 72.87

Tendency: Downtrend