OIL PRICES IN USA PRIMED FOR BIG MOVE IN NOVEMBER
US Oil Prices at Key Support, Aligning with Trump's 4-Year Resistance – Bullish Indicators for November
US oil prices are currently sitting at a pivotal support level, which also served as the resistance level throughout the entire 4-year Trump administration. Historically, this price zone is significant, and key technical indicators are aligning for a potentially strong move in November.
Notably, oil prices have typically rallied when a Democrat is elected president, with the main exceptions being Clinton's second term in 1996 (which saw a bearish response) and the Bush administration (which fueled a bullish trend). If the status quo remains, with Harris or any Democratic leadership continuing, this setup suggests a strong buy opportunity for a bullish bounce. Might as well pay for the gas hikes right off the jump.
If no major political or economic shifts occur, this support level is expected to hold, triggering a bullish move. The only scenario where prices may break below support would be a re-election of Donald Trump.
US oil prices are currently sitting at a pivotal support level, which also served as the resistance level throughout the entire 4-year Trump administration. Historically, this price zone is significant, and key technical indicators are aligning for a potentially strong move in November.
Notably, oil prices have typically rallied when a Democrat is elected president, with the main exceptions being Clinton's second term in 1996 (which saw a bearish response) and the Bush administration (which fueled a bullish trend). If the status quo remains, with Harris or any Democratic leadership continuing, this setup suggests a strong buy opportunity for a bullish bounce. Might as well pay for the gas hikes right off the jump.
- ADX has bottomed, signaling a potential trend reversal.
- RSI is pivoting within the Bull Power Zone, showing growing momentum.
If no major political or economic shifts occur, this support level is expected to hold, triggering a bullish move. The only scenario where prices may break below support would be a re-election of Donald Trump.
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