USOIL Potential Forecast | 1st March 2023
Fundamental Backdrop
1. Optimistic reports of manufacturing expansion in China, which is recognized as the largest crude oil importer globally causing a better outlook for the demand.
2. Data showing China's factory activity rose for the first time in seven months in February
3. Output is still down more than 700,000 bpd from September with a high demand still in place
Technical Confluences
1. The overall bias for USOIL on the H4 chart is bullish.
2. To add confluence to our bias, price is above the Ichimoku cloud and looks to be breaking the descending trend-line.
2. Expecting price to possibly head towards the resistance at the 79.00 level.
Idea
I will be looking for price to break above the resistance at 77.8 and the descending trend line before continuing bullish towards the resistance at the 79.00 level.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. Optimistic reports of manufacturing expansion in China, which is recognized as the largest crude oil importer globally causing a better outlook for the demand.
2. Data showing China's factory activity rose for the first time in seven months in February
3. Output is still down more than 700,000 bpd from September with a high demand still in place
Technical Confluences
1. The overall bias for USOIL on the H4 chart is bullish.
2. To add confluence to our bias, price is above the Ichimoku cloud and looks to be breaking the descending trend-line.
2. Expecting price to possibly head towards the resistance at the 79.00 level.
Idea
I will be looking for price to break above the resistance at 77.8 and the descending trend line before continuing bullish towards the resistance at the 79.00 level.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
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