Oil Analysis Technical Analysis On Friday, Trump rejected Iran's request, but I feel like the news doesn't matter anymore. The key is to watch how oil moves. The capital markets didn't react at all, which shows they completely don't believe the war will escalate—and that's enough. On the daily chart, it's still in this upward channel. Last Friday, there was a small rebound to the midline of the channel at 97, but it got pushed back down, closing with a bearish candle while holding onto the previous bullish candle. It also got rejected by the EMA 20. Looking downward, my first target is EMA 100 at 86.89, which is also the lower edge of the channel. If it breaks below that, the next targets are EMA 200 at 82 and 80. Before the midterm elections, my final target for oil is 80. If oil drops, U.S. stocks will continue to look bullish.