US Oil Price Abounds in the Short-Term Range

Market Analysis- June 9

The US Oil market has created a range between the resistance level of 75.00 and the support level of 67.50. In the long term, the market is still bearish. The short-term consolidation has been observed to be a result of the well defended bearish order block resting in the resistance zone.

US Oil Significant Levels

Demand Levels: 67.50, 62.50, 60.00
Support Levels: 75.0, 77.5, 80.00

US Oil Long-Term: Bearish

In November, Crude Oil experienced a bearish break of a structure after the formation of a double top below the resistance trendline. The break in the neckline drove the price to 71.50. The crude oil price was stuck from December until February.
The lows and highs were swept briefly by volatile price swings just before the market consolidation resumed.

Crude Oil Short-Term: Ranging

The bearish trendline is still valid. If the range abounds, the daily candles would crash into the bearish trendline, which would trigger more selling pressure from the sellers. Currently, a breakout below 67.50 is needed to resume the long-term bearish trend.

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