USOIL YEARLY OUTLOOK
Will the US post-election continue to impair the oil price?
The election of Donald Trump has changed the dynamics of the market, causing oil prices to drop, with more negative pressure anticipated.
Global purchasers now pay more for oil due to a rising US dollar, which exacerbates concerns over oversupply.
Since recent economic measures have not yet produced immediate stimulus, China's demand outlook remains poor.
USOIL formed a weekly and daily Head-and-Shoulder pattern, signaling a continuation of bearish pressures.
If USOIL breaks below 68 - 62 necklines(blue and yellow bar), the price may continue its bearish movement to the nearby major support of 43 - 33
On the contrary, if USOIL remains above 68.00, the price may trade within the 68.00-84 range until an apparent breakout occurs.
The election of Donald Trump has changed the dynamics of the market, causing oil prices to drop, with more negative pressure anticipated.
Global purchasers now pay more for oil due to a rising US dollar, which exacerbates concerns over oversupply.
Since recent economic measures have not yet produced immediate stimulus, China's demand outlook remains poor.
USOIL formed a weekly and daily Head-and-Shoulder pattern, signaling a continuation of bearish pressures.
If USOIL breaks below 68 - 62 necklines(blue and yellow bar), the price may continue its bearish movement to the nearby major support of 43 - 33
On the contrary, if USOIL remains above 68.00, the price may trade within the 68.00-84 range until an apparent breakout occurs.
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