21/05/2026
Will oil prices (USOIL) remain supported amid geopolitical uncertainty? 🛢️📈
• Oil prices remain elevated as renewed US warnings toward Tehran increased concerns over rising tensions in the Middle East and potential risks to regional stability.
• Uncertainty around negotiations on Tehran’s nuclear program continues to support oil prices and cloud the outlook for a potential resolution.
• Concerns over supply disruptions around the Strait of Hormuz and discussions around possible NATO involvement in securing shipping routes also added pressure on the market.
• Technically, USOIL rebounded above EMA21 and is approaching the upper bound of a Symmetrical Triangle pattern, with bullish momentum still intact.
• A confirmed breakout above 108.00 could open the way toward the 118.00 area.
• However, failure to hold above EMA21 may trigger a pullback toward the 90.00 support zone.
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