The recent China economic recession may seem to plunge the global oil demand.
With the rising Geopolitical tension, US had paid much interest on lowering the Oil price through increase in domestic production, which has just broke another record of 13,315 Thousands barrels per day.
Despite the efforts, seasonal demand combined with reviving of US and China manufacturer and suppliers market,
USOIL
had a major breakout of its major supply zone.
For traders, I would recommend referring to 200 days SMA on 4 hours as your entry level. The major demand level is on $79.3 and $76.2. If we get another breakout from the previous high, the first target would be $83.5 upto $90~ price range.
With the rising Geopolitical tension, US had paid much interest on lowering the Oil price through increase in domestic production, which has just broke another record of 13,315 Thousands barrels per day.
Despite the efforts, seasonal demand combined with reviving of US and China manufacturer and suppliers market,
USOIL
had a major breakout of its major supply zone. For traders, I would recommend referring to 200 days SMA on 4 hours as your entry level. The major demand level is on $79.3 and $76.2. If we get another breakout from the previous high, the first target would be $83.5 upto $90~ price range.