USOIL: Bearish Pressure Remains Near Key Support

Jun 23

🎯 Trade setup:
Direction: Short from resistance

🔻 Entry: 73.80–74.40
🛑 Stop Loss: 75.05
🎯 Take Profit 1: 72.50
🎯 Take Profit 2: 71.80

📰 NEWs:
The latest oil news remains mostly bearish. WTI crude is under pressure after the U.S. granted a temporary 60-day waiver allowing Iranian oil sales. This reduces supply disruption fears and increases expectations that more Iranian crude could return to the market.

Traffic through the Strait of Hormuz is also improving, which lowers the geopolitical risk premium in oil. However, the situation is not fully stable yet, so some volatility may remain.

Overall, the market is balancing between bearish supply news and short-term technical recovery attempts after a sharp decline. Fundamental background currently supports downside pressure more than a strong bullish recovery.

The news does not provide a strong bullish driver, so a pullback into resistance may be used as a potential selling opportunity.

📊 Analysis
The price remains below EMA 9, EMA 20, SMA 50, and SMA 200, which confirms that the broader short-term structure is still bearish. RSI is around the neutral zone, while MACD is still weak but trying to recover. This means a small bounce is possible, but there is no strong bullish confirmation yet.

📉 Scenario:
As long as USOIL stays below 74.40–75.05, sellers remain in control. A rejection from this resistance zone could send the price back toward 72.50. A confirmed breakdown below 72.50 may open the way toward 71.80.

A stronger bullish recovery would require the price to reclaim 75.05 and hold above the moving averages. Until then, any upside move looks more like a correction inside the downtrend.


⚠️ Not financial advice.

Jun 24

Order cancelled