OlympusLab

USOIL Potential Forecast | 1st March 2023

Long
TVC:USOIL   CFDs on WTI Crude Oil
Fundamental Backdrop
1. Optimistic reports of manufacturing expansion in China, which is recognized as the largest crude oil importer globally causing a better outlook for the demand.
2. Data showing China's factory activity rose for the first time in seven months in February
3. Output is still down more than 700,000 bpd from September with a high demand still in place

Technical Confluences
1. The overall bias for USOIL on the H4 chart is bullish.
2. To add confluence to our bias, price is above the Ichimoku cloud and looks to be breaking the descending trend-line.
2. Expecting price to possibly head towards the resistance at the 79.00 level.

Idea
I will be looking for price to break above the resistance at 77.8 and the descending trend line before continuing bullish towards the resistance at the 79.00 level.






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