US and Iran Sign Memorandum of Understanding, Oil Shipments Resume Through Strait of Hormuz

The news indicates a reduction in geopolitical risks, which is positive for energy sector stocks. Technical indicators also support the upward trend: RSI is in strong territory at 64, MACD is above the signal line, and the price is above both the 20-day and 50-day moving averages. In the short term, the upward movement is expected to continue, but caution is advised as the market approaches overbought territory.

The news is creating downward pressure on oil prices by alleviating supply concerns. Technical indicators support this view: the RSI at 31 is near oversold territory but has yet to signal a recovery. The MACD line is below the signal line and in negative territory, indicating weak momentum. The price is trading below both the 20-day and 50-day moving averages, confirming a short-term downtrend. The 4.7% decline in the last 24 hours reflects the news impact on prices. The likelihood of further declines in the short term is high.

The news is creating downward pressure on oil prices by alleviating supply concerns. Technical indicators also support this view: the RSI at 33 is near oversold territory but has not yet signaled a recovery, while the MACD is below zero and trending under the signal line. The price is trading below both the 20-day and 50-day moving averages. Although the 4.8% decline over the past 24 hours partially reflects the impact of the news, selling pressure is expected to persist in the short term. However, the pace of the decline may be limited due to oversold conditions and the fact that geopolitical developments have already been priced in.

The news that oil shipments through the Strait of Hormuz have resumed is alleviating concerns about supply security, which could exert downward pressure on oil prices. However, XOM shares have fallen 6.2% in the last 24 hours, with the RSI dropping to 24, entering oversold territory. The combination of oversold technical conditions and positive news may trigger a short-term recovery move. Although the MACD remains in negative territory, oversold levels are often viewed as buying opportunities. Therefore, the stock has a high probability of an upward correction within the next 1-3 days.