Oil prices have fallen sharply in recent days, falling to their lowest levels since March, impacted by rising US inventories and growing concerns about slowing global demand, particularly from China.
However, as today’s session begins, we are witnessing technical recovery attempts from the 56.28 support level, as the market awaits any new signals from tomorrow’s US employment data.
OIL/USD Technical analysis Today: Technical Overview of the Chart
- The price is currently trading near 57.70 after a rebound from 56.28
- The general trend remains clearly bearish in the short term
- The first resistance is expected at 58.23
- Holding above 57.30 may temporarily support the extension of the correction
OIL Today : Technical Indicators Analysis:
Moving Averages (EMA):
- The price is below all averages (50, 100, and 200)
- The averages are sharply downward sloping, indicating a strong downtrend
MACD:
- Initial bullish crossover after a strong negative momentum wave
- First signs of weakness in selling momentum appear
Stochastic:
- Bullish rebound from oversold areas
- Supports the continuation of the technical correction in the near term
Expected Technical Scenarios:
Bullish Scenario (Possible Corrective):
If the price holds above 57.30, it may rise Towards:
57.78
58.23
Bearish Scenario (Trend Resumption):
A break of 56.28 will restore selling pressure towards:
- 56.00
- 55.50
Trading strategies based on Buy/Sell level
| USOIL | In case of buying | in case of selling |
| Entry point | 58.23 | 57.29 |
| Target Point 1 (TP1) | First resistance: 59.23 | First support: 56.28 |
| Target Point 2 (TP2) | Second resistance: 60.23 | Second support: 55.28 |
| Stop Loss (SL) | 57.29 | 58.23 |
Crude oil has been under strong selling pressure since the end of April, but early technical indicators suggest a limited correction before any new downtrend.
Tomorrow’s US jobs data will determine the price’s ability to sustain its rebound or return to decline below 56.00.
Expected Economic Data:
Friday, May 3, 2025:
- US Nonfarm Payrolls (NFP)
- Unemployment Rate
Any surprises in these data could directly impact growth expectations and global demand for oil, which would immediately impact the price.
