US and UK Oil prices are affected by OPEC+ decisions, technical patterns, and global economic conditions.
Key Insights
US Oil shows a positive movement on November 28, with a price increase of 0.77%, reaching $75.6. The pivot point is set at $75.93, a critical level for determining the day’s trading bias. Resistance levels are identified at $77.97, $79.14, and $80.23, while support lies at $73.98, $72.04, and $70.70.
The Relative Strength Index (RSI) is at 49, indicating a neutral market sentiment, hovering just below the midpoint that separates bullish from bearish momentum. The Moving Average Convergence Divergence (MACD) shows a value of 0.05 with a signal line at -0.32, suggesting a potential shift towards bullish momentum, albeit not strongly pronounced. The 50-Day Exponential Moving Average (EMA) stands at $76.13, slightly above the current price, indicating a tentative bearish trend.
Chart analysis reveals a downward channel with extended resistance at $75.95. This pattern suggests that selling pressure might increase below this level, indicating a bearish outlook if the price remains under the pivot point. In conclusion, the overall trend for US Oil appears bearish below the $75.95 mark.
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Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.