USOIL continues moving to its price target of $101.30.Then it will be in a channel for some time.
After being in this channel USOIL might try to go to $108 strong price level and break it or rapidly go down to $80, or even $40.
Its movement will be influenced by the possible onset of recession, a decrease in consumption by China, or the failure of the United States to agree with Iran and Venezuela on increasing oil supplies to the market.
The option with a short-term and sharp recession, as in 2020, is more likely. This will restart the markets, new growth will begin. Inflation is unlikely to decrease significantly, although right now everything is moving towards that.
Thoughts, not a financial advice.
Trade active
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next price target - $71
then - $58 or $81
Note
bounced from $71 to $81
Oil 01 Jul 24 - price target $123.5 if the price get upward of the triangle
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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.