High U.S. gasoline and jet fuel demand led refiners to increase activity, drawing from crude stockpiles and supporting prices. Easing consumer prices in June further bolstered investor confidence and commodities market sentiment.
The price of USOIL stands at $83.09, showing a modest increase of 0.24%. On the 2-hour chart, key price levels are as follows: the pivot point is $82.74, with immediate resistance at $83.27. Further resistance levels are set at $83.78 and $84.52. On the downside, immediate support is found at $82.21, followed by $81.72 and $80.92.
Technical indicators highlight the 50-day Exponential Moving Average (EMA) at $82.42 and the 200-day EMA at $81.73. These levels suggest a bullish outlook as long as the price remains above the pivot point of $82.74. However, a break below this level could trigger significant selling pressure.
UKOIL is priced at $85.74, up 0.23%. On the 2-hour chart, key levels to watch include the pivot point at $85.23. Immediate resistance is at $85.87, followed by $86.44 and $87.01. Support levels are seen at $84.61, $84.11, and $83.68.
The 50-day Exponential Moving Average (EMA) is $85.53, while the 200-day EMA is $85.13. These indicators suggest a bullish trend as long as the price stays above the pivot point of $85.23. However, a drop below this level could lead to significant selling pressure.
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.