US Oil Finally Fills up Inefficient Regions

US Oil gapped above the previous high in anticipation of a retest to resume the bearish trend. The market has corrected to fill the gap. The price action is currently being observed to determine if Crude Oil will resume its bearish trend.

Demand Levels: 66.000, 62.000, 64.000

Supply Levels: 81.130, 89.000, 97.800

The Crude Oil market was stuck within the resistance level of 81.130 and the support level of 73.200. The last test of the resistance trendline at 81.130 significant zone was at the overbought level, leading to a bearish breakout. After five failed attempts, which included a false breakout, the market dived freely from the overbought region to the. 66.00 demand level.

 

The pullback to retest 73.20 was dashed as the price gapped up above the previous resistance level. The market has experienced a correction to fill up the gap where the price was inefficiently traded. 

So much attention is paid to the 73.20 key level. The break of the significant level on the downward side means a resumption of the downward trend. The Parabolic SAR ( Stop and Reverse) indicator is already resting above the candles on the higher timeframe (24-hour chart) and the lower timeframe (four-hour chart), signaling a price decline.

 

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