Oil from the United States (USO) Uncertainty about how many countries stop importing oil from Iran



Oil from the United States (USO) Uncertainty about how many countries stop importing oil from Iran

Brent, the international benchmark for crude oil, could rise above $ 85 a barrel in the coming months as a result of a combination of US sanctions against Iran and a potential opec supply crisis, analysts say.

West Texas Intermediate (WTI), the US crude benchmark, could be traded north of $ 80 a barrel, although it also has supply-side risks as a result of the current annual hurricane season.

Overall, the scope, scale and large-scale implications of the reintroduction of Iranian sanctions on oil prices in the current era are not fully priced and the uncertainty about the disruptions of the Iranian oil supply will push the oil markets in the weeks ahead. .

When markets closed on Friday, Brent traded at $ 78.09 a barrel, a decrease of 0.12 percent, while West Texas Intermediate had $ 68.99 per barrel, a 0.58 percent increase with a $. 9 per barrel between the two.

US President Donald Trump announced in May the reintroduction of sanctions against Iran and asked all companies to stop negotiating with the Islamic Republic or to face punitive measures from November.

In general, the bias is in prices: upwards.

By the way, prices are vulnerable to a correction towards 14.23.

The expected upper limit is: 15.15.

The projected lower limit is: 13.84.

The expected closing price is: 14.49.

Candlesticks

A white body occurred (because the prices were higher than they opened).
In the past 10 bars there are 4 white candles and 6 black candles for a net of 2 black candles. In the past 50 bars there were 23 white candles and 25 black candles for a net of 2 black candles.

A toll took place (a toll is a candle with a small real body). Tollen determine a session in which there is little price action (as defined by the difference between opening and closing). During a rally or near new highs, a toll may be a sign that prices are losing strength and the bulls may be in trouble.

Moment indicators

Momentum is a general term used to describe the speed at which prices move over a certain period. In general, changes in momentum lead to price changes. This expert shows the current values ​​of four popular momentum indicators.

Stochastic oscillator

One method for interpreting the Stochastic Oscillator is to look for overbought areas (over 80) and oversold areas (under 20). The stochastic oscillator is 56.7302. This is not overbought or oversold reading. The last signal was a sales 8 period (s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (under 30) areas. The current value of the RSI is 53.55. This is not a topping or a low point. A buy or sell signal is generated when the RSI comes from an overbought / oversold area. The last signal was a sales 52 period (s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (over 100) and oversold (under-100) areas. The current value of the CCI is -5. This is not a topping or a low point. The last signal was a sales 1 period (s) ago.

MACD

The Moving Average Convergence / Divergence indicator (MACD) gives signals when it exceeds the 9-point signal line. The last signal was a sales 1 period (s) ago.

Rex Takasugi – TD profile

UNTD ST OIL FUND closed 0,010 to 14,500. The volume was 18% below the mean (neutral) and the Bollinger bands were 23% narrower than normal.

Open High Low Close Volume___
14,480 14,710 14,310 14,500 16,358,244

Technical Outlook
Short term: neutral
Intermediate term: bullish
Long term: bullish

Move averages: 10 period 50 period 200 period
Close: 14.49 14.30 13.31
Volatility: 24 29 29
Volume: 14,398,599 19,284,736 19,284,392

Short-term traders should pay more attention to buying / selling arrows, while traders should place more emphasis on the bullish or bearish trend reflected in the bottom line in the medium / long term.

Overview

UNTD ST OIL FUND is currently 8.9% above the moving average of 200 periods and is on an upward trend. The volatility is low compared to the average volatility over the last 10 periods. Our volume indicators reflect the volume that flows to the USO at a relatively equal rate (neutral). Our trend predictive oscillators are currently optimistic about the USO and have had this outlook for the last 13 periods.

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