What's the current trading forecast for Usoil?

The current trading forecast for US Oil (WTI) is as follows:

1. Technical Analysis: The price is in a corrective movement, and it is expected to rise to the nearest high of $80.432. This is based on the completion of wave “b” and the expectation of a continuation of the upward movement.
2. Market Sentiment: There is a potential bullish bias as the price breaks the downward trend at $74.76, leading to a rise toward the resistance level at $76.15. However, the price must break the resistance level at $76.15 to sustain the increase.
3. Support and Resistance Levels: The support level is at $72.81, and the resistance level is at $80.432. Traders should manage their capital correctly and enter trades based on reliable patterns.
4. Market Dynamics: The demand for crude oil is dependent on global economic conditions and market speculation. The price of crude oil is commonly measured in USD, and the differences between WTI and Brent involve not only price but oil type as well.
5. Geopolitical Factors: Geopolitical risks and OPEC+ production cuts are expected to keep the Brent crude oil spot price near $90 per barrel for the remainder of 2024.

In conclusion, the trading forecast for US Oil indicates a potential bullish trend if the price breaks the resistance level at $76.15 and continues to rise. However, traders should manage their risk and capitalize on the current market conditions.