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Market Analysis – July 16
US Oil experiences losses after taking a fresh breath. In recent times, there has been a drop in the US oil market. The buyers, who were actively involved in the market, attempted to challenge the key zone of 75.850 and managed to breach it. However, their breakout has been impeded by the sudden influx of sellers into the market.
It is worth noting that crude oil prices have been consolidating within the range of 74.850 and 65.920 since May. It, however, came following a significant drop from the 82.990 key zone. This indicates a prolonged period of indecision in the market, with neither the buyers nor the sellers being able to establish control.
US Oil Key levels
Resistance Levels: 93.040, 92.990
Support Levels: 74.859, 75.920
US Oil Long-Term Trend: Bullish
Now that a breakout has occurred and the buyers have managed to surpass the 74.850 key level. There is a possibility that the price may be retracing or returning to the consolidation phase. This retracement could either be a pullback, where the price temporarily moves against the trend before resuming its upward movement. It could also be a false breakout, where the price initially breaks a key level but fails to sustain upward momentum. Either of the two traders should stay alert to the current developments in the US Oil market.
Given the current situation, it is advisable for traders to exercise caution and remain attentive before making any trading decisions. They should closely monitor market conditions and look for confirmation of a sustainable trend before committing to any positions.
US Oil Short-Term Trend: Bearish
Looking at the 4-hour chart, the sellers still appear to be in control, as the buyers have lost some of their momentum and have been unable to push the market any further. The Moving Average Convergence and Divergence (MACD) signal lines are currently oscillating above the 75.850 market level, suggesting that a possible trend reversal could be in the works.
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