The Oil Market Ascends With Lethargy

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Market Analysis – February 2

The oil market currently ascends with lethargy. The price action on the daily chart revealed the drop in oil value over the last quarter of the previous year.

Oil key Levels

Resistance Levels: 83.20, 89.00, 92.80
Support Levels: 75.80, 73.30, 70.20

Oil Long-term Trend: Bullish

The Bulls attempted multiple times to push the value of Oil above the 92.80 supply level. The first attempt in October failed. A second attempt in November triggered the aggression of the sellers. The market fell sharply from the overbought level after the Moving Averages (periods nine and twenty-one) crossed in November. The price dived to 70.20 in December.

After the display of selling strength, the buyers are willing to structure a new trend. A gently sloping, ascending channel has been formed. The test of the supporting trend-line has been observed during periods when the Stochastic is oversold. The alignment of the indicator and price action in the parallel channel appears to be well organized.

Oil Short-term Trend: Bearish

Once again, the market has dived from the upper border of the parallel channel. The Stochastic indicator is already oversold. The bullish order block marked on the higher timeframe is expected to foster a bullish shift in the market structure. The price is expected to shoot up to 83.20

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