US Oil Price Consolidates as Reaction at Premium Looms

Market Analysis – June 16

US Oil market participants seem to be awaiting the price’s reaction at the bearish order block. The bearish order block happened to be created on May 2, 2023, at the 62.0% Fibonacci retracement level at the premium zone.

US Oil Significant Levels

Demand Levels: 63.60, 57.30, 48.50
Support Levels: 83.50, 93.70, 122.70

US Oil Long-Term: Ranging

As of now, the overall trend of the market is neither bullish nor bearish. The price seems to be consolidating between the $83.50 supply zone and the $63.60 demand zone. The ranging market began on November 17, 2022, as the bears caused a final crash in the year 2022.

Initially, the range was bounded by the $83.50 supply zone and the $70.10 low. The price of US Oil later jerked downward sometime in March 2022 to hit the $63.60 demand zone.

Crude Oil Short-Term: Ranging

While the market still looks choppy, the respect or invalidation of the bearish order block is likely to determine the direction of the market. According to the MACD (Moving Average Convergence Divergence) indicator, an upward retracement into the bearish order block is ongoing.

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