US Oil Makes Gain in the Phase of Consolidation

US Oil Analysis – Price Remains in a Consolidation Phase

US Oil makes gain in the phase of consolidation. The Oil market has been in a period of consolidation since November 2022. A sharp sell-off sent prices from the 92.650 key zone down to the 74.480 key zone.

Following that sell-off, the US Oil market moved sideways for most of 2023 before sellers took prices back down to the 66.840 significant zone. Fortunately for buyers, the market has since recovered, and is now trading below the 83.620 resistance level.

US Oil Key Levels

Resistance Key Levels: 92.650, 83.620
Support Levels: 74.480, 66.840

The US Oil market has been in a period of consolidation during this time, with buyers and sellers finding equilibrium at various price points. This has been a healthy sign for the market, as it has allowed the market to find stability after the sharp selloff in 2022.

The market is now back in a position to make gains, and traders can look for opportunities to capitalize on the current price level. In terms of technical analysis, traders will want to keep an eye on the 83.620 resistance level, as a break of that could signal further upside in the market.

This means that traders should look for opportunities to buy if the price breaks above this level, as it could signal a new leg up in the market. Conversely, traders should also be aware of the 66.840 significant zone, as a break of that could signal further downside.

Market Expectation

The US Oil market has been in a sideways trend for the past three months, with buyers and sellers engaging in a tug-of-war and prices consolidating. While the current market state has done much to relieve the sellers, it is important to note that this sideways trend won’t last forever and that a breakout is looming.

The two key levels to watch out for in this market in the short term are 74.480 and 66.840. A breakout through either of these levels from the Bollinger Band could signal a major shift in the market as traders begin to take sides.

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