US Oil Continues to Push for More Gains Amidst Consolidation

Market Analysis – July 14

US Oil is determined to achieve further gains despite the ongoing consolidation. The bulls have displayed a positive price tendency throughout the week, indicating the potential for a breakout beyond the 74.530 level.

However, if there is a decline in buyers’ purchasing power, the US Oil market may continue its consolidation, which initially began last year when it dropped from the key level of 92.540. The price then experienced a significant decline, finding support at 74.530 before entering a period of accumulation.

US Oil Key Zones

Resistance Zones: 92.540, 83.400
Support Zones: 74.530, 66.450

US Oil Long-Term Trend: Bullish

While the market consolidated above the 74.530 level, it eventually succumbed to selling pressure and moved downwards. The current week’s market activity holds promise for a potential breakout, although the bears will need considerable strength to prevent US Oil from ascending beyond the 74.530 level. Whether they can succeed in doing so remains uncertain.

In the interim, investors should anticipate continued volatility in the US Oil market, as observed over the past year. Significant movements in either direction could signal a potential breakout or further consolidation. Additionally, if buyers fail to increase their buying power, there is a possibility of the market plateauing at the 74.530 level.

US Oil Short-Term Trend: Bullish

On the 4-hour chart, the bulls have shown interest and may seize the opportunity they have been awaiting. A breakout above the key level of 74.530 could be imminent as momentum accumulates over time. Buyers have been gaining momentum, as indicated by the momentum indicator, signalling a potential price breakthrough in the days ahead.

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