USOIL - 4h - Monday 12 April 2021

USOIL

price remains confined in a range, forming a symmetrical triangle.

scenario 1: if the price was to break below the $61.75 level, then the price would head towards the $55 level, and then eventually the $52 level.

scenario 2: if the price was to break above the $65 level, then the price would head towards the $67.50 level, and then eventually the $70 level.

Fundamentals:

1. OPEC and its allies, including Russia, announced that they will gradually increase oil production over the next three months.
2. The U.S. is starting to increase shale fields productions.
3. The U.S. lifts oil sanction on Iran and India is looking to buy from Iran.
4. Stronger US dollar .


-disclaimer: this information is not a recommendation to buy or sell. I encourage you to trade carefully.