China Calls for Normal Passage After Trump Lifts Hormuz Blockade

The news points to a reduction in geopolitical tensions, which could exert downward pressure on oil prices. However, BP shares have risen over 4% in the last 24 hours, with the RSI entering overbought territory above 80. This technical overextension suggests limited upside potential in the short term and increases the risk of a possible correction. Although the MACD remains positive, momentum may be weakening. Therefore, short-term direction remains uncertain.

The news indicates a reduction in geopolitical tensions, which is positive for energy sector stocks. CVX shares have risen 3.5% in the last 24 hours, and although the RSI at 76.9 is approaching overbought territory, the MACD remains above the signal line, with positive momentum continuing. The short-term uptrend appears strong, but there is some risk of a correction due to overbought levels. Therefore, the upward expectation is supported with moderate confidence.

The news points to a reduction in geopolitical tensions, which could have a positive impact on oil prices. OXY stock, despite its RSI approaching the overbought zone at 73, sees its MACD above the signal line and trades above its 20- and 50-day moving averages, supporting short-term bullish momentum. However, the overbought territory and a 2.16% gain in the last 24 hours suggest that upside movement may be limited. Therefore, while the upward trend persists, caution is advisable.

The news indicates that China's normal transition demand has alleviated supply concerns. Brent's 10.8% rise in the last 24 hours and RSI at 78.8 in overbought territory increase the likelihood of a short-term correction. Although the MACD remains bullish, overbought conditions and the relief from the news may trigger a pullback. While prices above SMA20 and SMA50 support the medium-term trend, profit-taking is expected in the short term.