In today's trading session, our focus is on USOIL, with our sights set on a potential buying opportunity around the 84.70 zone. USOIL has recently broken out of a downtrend and is currently in a correction phase, approaching the critical support and resistance zone at 84.70.
Adding depth to our analysis, it's essential to consider the geopolitical landscape. The escalation of tensions in the Middle East, particularly between Iran and Israel, has heightened market uncertainty and increased demand for oil as a geopolitical risk premium. Consequently, these tensions have the potential to drive oil prices higher, making it an opportune time to consider buying USOIL.
Therefore, with USOIL displaying signs of a breakout and geopolitical tensions in the Middle East fueling buying interest, the combination of these factors suggests a favorable environment for a buying opportunity in the commodity around the 84.70 zone.
It looks like the current price already broke your trend like. I would start thinking about the shorting oil. The main reason the US inflation, nobody needs so expensive oil now.
JoeChampion
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@rafael_kyrdan, it did respect the zone i mentioned and i took profits at 85.60 before the breakout!
KaltoireCapital
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It is likely to go bullish if the geopolitical situation especially the Middle east conflicts worsen, very good TA