USOIL Analysis.
The key event at present is Trump's ultimatum to Iran. If the agreement changes, oil prices may plummet; if the US actually takes action, $120 is unlikely to be a resistance level.
Short-term bias is bullish, but the price is already quite high. Those chasing the rally should use stop-loss orders and avoid holding losing positions. The fundamental bullish logic remains unchanged, but technically, the market could hit a brake at any time, making timing more important than direction.
Looking at the 4-hour chart, oil prices are rising along the 100-period exponential moving average. The MACD is showing increasing volume above the zero line, and the RSI is around 68, not yet entering the overbought zone above 70, indicating that upward momentum remains strong. The daily chart still shows an upward channel, but as it approaches the previous high of 115-118, the technical resistance cannot be ignored.
First resistance: $116.50. The price is currently testing this level; whether it can hold is crucial.
Second resistance: $118.
Third resistance: $120.
First support level: $113. Second support level: $108.
Trump issued an ultimatum to Iran, with a deadline of 8 p.m. Eastern Time on Tuesday, demanding that Iran reopen the Strait of Hormuz or he would launch attacks on civilian infrastructure. Iran not only refused to budge but also rejected the ceasefire proposal, insisting on a permanent end to the conflict. With both sides clashing head-on, the market's biggest fear—an escalation of the conflict—has become highly probable.
USOIL USOIL USOIL $FXPRO:USOILK2026 USOIL
The key event at present is Trump's ultimatum to Iran. If the agreement changes, oil prices may plummet; if the US actually takes action, $120 is unlikely to be a resistance level.
Short-term bias is bullish, but the price is already quite high. Those chasing the rally should use stop-loss orders and avoid holding losing positions. The fundamental bullish logic remains unchanged, but technically, the market could hit a brake at any time, making timing more important than direction.
Looking at the 4-hour chart, oil prices are rising along the 100-period exponential moving average. The MACD is showing increasing volume above the zero line, and the RSI is around 68, not yet entering the overbought zone above 70, indicating that upward momentum remains strong. The daily chart still shows an upward channel, but as it approaches the previous high of 115-118, the technical resistance cannot be ignored.
First resistance: $116.50. The price is currently testing this level; whether it can hold is crucial.
Second resistance: $118.
Third resistance: $120.
First support level: $113. Second support level: $108.
Trump issued an ultimatum to Iran, with a deadline of 8 p.m. Eastern Time on Tuesday, demanding that Iran reopen the Strait of Hormuz or he would launch attacks on civilian infrastructure. Iran not only refused to budge but also rejected the ceasefire proposal, insisting on a permanent end to the conflict. With both sides clashing head-on, the market's biggest fear—an escalation of the conflict—has become highly probable.
USOIL USOIL USOIL $FXPRO:USOILK2026 USOIL 
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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.