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Market Analysis – July 28th
US Oil (WTI) continues to dive forward due to bullish strength. The oil market is currently in a strong position. The bulls have been dominating the market and preventing sellers from changing course. In the past few days, the buyers have been able to break out above the 73.570 market level. They have targeted a new order level which is the 83.540 market zone. The Parabolic SAR (Stop and Reverse) indicator has also been indicating bullish sentiment on the daily time frame. This suggests that the current trend is likely to continue for a while.
US Oil (WTI) Key Levels
Resistance Levels: 93.380, 83.540
Support Levels: 73.570, 66.910
US Oil (WTI) Long-Term Trend: Bullish
Traders should therefore consider whether to join the trend or wait for a reversal. If they decide to join the trend, they should be cautious. They should also, ensure that they can properly manage the risk associated with trading in the market. They should set a stop-loss level in order to limit their losses. This is in case the market moves in the opposite direction. On the other hand, if they decide to wait for a reversal, they should monitor the market. This is to identify any signs of a reversal.
Traders must analyze the market carefully and make the right decision before entering into a trade. With the current bullish trend in the US oil (WTI) market, it is likely that the buyers will be able to reach their next order level of 83.540. However, traders should be aware of the potential risks associated with trading in the market. They should be prepared for any sudden changes in the trend.
US Oil (WTI) Short-Term Trend: Bullish
On the 4-hour chart, the buyers are still mustering strength to push forward. As buying tendencies continue to increase, it is expected that there will be an upthrust back to the 83.54 key level. Traders should therefore be prepared for what happens next after a price breakout.
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