Product Analysis - 05/02/26

Fundamental Analysis

The United States and Iran were originally scheduled to hold talks in Turkey on Friday, but reports have emerged that the meeting has fallen through. This prompted several Middle Eastern leaders to urgently lobby Washington to slightly soften its stance and relocate the talks to Oman. The market interprets this as a sign that both sides remain in a firm position, suggesting that US–Iran negotiations are likely to face significant uncertainties and a turbulent process ahead. Although the risk of a military conflict has not escalated overtly, it has not dissipated either, supporting a renewed short-term rise in oil prices.

Technical Analysis

On the one-hour chart, WTI crude is consolidating while forming higher lows, with potential to retest recent highs. Meanwhile, both moving averages continue to slope upward, and the overall bullish candlestick structure is further extending. Therefore, traders without existing positions may consider short-term long setups during the day.

Trading Recommendation

- Go long WTI at 63.74

- Target: 65.64

- Stop loss: 62.59.

- Support: 62.61

- Resistance: 65.64

🔺The above is for reference only and doesn’t represent the platform’s views. Trade with confidence and manage your risk wisely.