Market Analysis – May 5
US Oil price has declined quickly after a false breakout above 81.130. This week, the market reached its lowest price so far at 66.000.
US Oil Key Levels
Resistance Levels: 81.130, 89.000, 92.800
Support Levels: 73.200, 66.000, 62.000
Oil Long-Term Trend: Bearish
Oil price fluctuations have been very erratic in recent times. From December to March, the oil price rose and dropped continuously between the supply level of 81.130 and the demand level of 73.200. After a long contest between the forces in the market, the sellers emerged with a breakout that led to 66.000.
The Buyers seemed to gain hope from the gap in price above previous highs on the daily chart. The manipulative move engineered shorts utilizing the rich liquidity pool resting at 81.130. The hope of the buyers got dashed immediately with the recent bearish impulsive displacement, which was signaled beforehand by the Williams Percent Range Indicator on the 24-hour chart.
Oil Short-Term Trend: Bearish
A pullback is currently anticipated. The bearish displacement halted with a pin-bar candle on the 66.09 support level. The inefficiently traded regions around 73.20 are expected to set the price for a retracement.
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