USOIL | Pay Attention at the Level $71-$72!
Updated
Oil has found support in a demand zone, with a retest of an upward trendline and a 0.62% Fibonacci level, suggesting the possibility of a recovery towards new highs. On the chart, I've identified a yellow box where the price could consolidate, drawing liquidity below the swing low before resuming the upward movement. As for the fundamental analysis:
Qatar is actively working to mediate a temporary ceasefire in Gaza, facilitating hostage exchanges. Qatar's consistent success in negotiating between the conflicting parties is impacting the crude oil price, especially in a context of easing geopolitical tensions.
The Organization of the Petroleum Exporting Countries (OPEC) will face a long-term challenge in 2024 and 2025 as it tries to limit global production outside of OPEC. They impose strict production quotas on member countries, while non-OPEC producers, such as the United States, exceed OPEC pumping limits.
US Nonfarm Payrolls (NFP) recorded a significant increase in January, reaching a twelve-month high with 353,000 new jobs, well above the market's average forecasts of 180,000. With the US economy demonstrating remarkable resilience and the US labor market remaining at historical highs, the likelihood of an interest rate cut by the US Federal Reserve (Fed) to support the market continues to decrease.
Greetings and best wishes for a great weekend to everyone.
Qatar is actively working to mediate a temporary ceasefire in Gaza, facilitating hostage exchanges. Qatar's consistent success in negotiating between the conflicting parties is impacting the crude oil price, especially in a context of easing geopolitical tensions.
The Organization of the Petroleum Exporting Countries (OPEC) will face a long-term challenge in 2024 and 2025 as it tries to limit global production outside of OPEC. They impose strict production quotas on member countries, while non-OPEC producers, such as the United States, exceed OPEC pumping limits.
US Nonfarm Payrolls (NFP) recorded a significant increase in January, reaching a twelve-month high with 353,000 new jobs, well above the market's average forecasts of 180,000. With the US economy demonstrating remarkable resilience and the US labor market remaining at historical highs, the likelihood of an interest rate cut by the US Federal Reserve (Fed) to support the market continues to decrease.
Greetings and best wishes for a great weekend to everyone.
Note
Good reaction at the level 0.62% of Fibonacci, during the Asian session. Now I'm waiting the London Session to evaluate a long entry.Trade active
Entry at the level 72.96SL at 70.80
TP at 77.80
My personal risk 1% with a RR 2.23
Trade active
Good sprint, waiting for the level $75 and then I will move the SL to BENote
Good uptrend, still a few points and then I will put my SL to BETrade closed manually
I closed this trade with +1.7% of profit. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.