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Market Outlook
USOIL drags, heading for a possible plunge? - Zeal Capital Market

USOIL drags, heading for a possible plunge?

20-06-2022 03:11

“Oil price slumps further as sentiment remains sour.”

Global oil price is feeling the blues as investors’ sentiment remain fragile over slowing economic growth and supply concerns. Exports from Russia remains diminished due to sanctions from the United States. While the impact was partially mitigated by global petroleum reserves, it may not sustain if the issue were to prolong. This may jeopardize global economy as higher inflation may derail the effort for further recovery.

Quick recap on USOIL

USOIL tumbled sharply as it fails to overcome previous hurdle at around 125.00.

USOIL Weekly Technical Analysis

USOIL drags, heading for a possible plunge? - Zeal Capital Market

From weekly perspective, MACD has formed negative divergence, suggesting possible resumption of bearish bias.

USOIL Daily Technical Analysis

USOIL drags, heading for a possible plunge? - Zeal Capital Market

From daily perspective, while the commodity is skewed towards bearish, it requires a confirmatory close below 109.00.

Trading Idea

USOIL drags, heading for a possible plunge? - Zeal Capital Market

ORDER: SELL STOP

ENTRY: 105.00

STOP LOSS: 110.00

Target 1: 99.00

Target 2: 95.00

ZFX Analyst’s Comment

With negative divergence forming in the weekly chart, the commodity is skewed towards the downside, at least for short to mid-term. However, a close below current support level is required to attain more confirmation.

Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.

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