Trump: Iran Deal Could Be Completed Next Week

The news could revive oversupply concerns by increasing the likelihood of the Iran deal being completed. Technical indicators already show a weak outlook; the R14 at 40.8 is near oversold territory but has yet to signal a recovery. The MACD line is below the signal line and in negative territory, confirming downward momentum. The price is trading below both the 20-day (95.02) and 50-day (93.45) moving averages, supporting a short-term bearish trend. The last close at 93.22 is near the 50-day average; a break below this level could increase selling pressure.

The news could revive oversupply concerns by increasing the likelihood of the Iran deal being completed. Technically, the price is below the 20-day moving average, and the RSI at 44 is in weak territory. The MACD remains below the signal line, indicating short-term downward momentum. However, support near the 50-day average suggests the decline may be limited. Therefore, I foresee a mildly negative outlook.

The news increases the likelihood of the Iran deal being finalized, reducing geopolitical risks and easing concerns over oil supply. This could create a favorable short-term environment for energy companies such as Exxon Mobil. Technically, the RSI is at 55.86, in neutral territory, and the MACD is above its signal line, supporting a bullish trend. The price is trading above the 20-day SMA but below the 50-day SMA, indicating potential for a short-term recovery. However, I believe the upside may be limited due to the deal not being finalized and uncertainties in the oil market.

The news increases the likelihood of the Iran deal being completed, reducing geopolitical risks and easing concerns over oil supply. This could create a favorable short-term environment for energy companies like Chevron. Technically, the RSI at 54 is in neutral territory and the MACD is above its signal line, indicating mild bullish momentum. The price is above the 20-day moving average but below the 50-day average, which sends mixed signals, yet an upward move can be expected given the news impact. However, I believe the rally may be limited due to the deal not being finalized and other factors in the oil market.