US Oil Price Set to Experience a Major Pullback

Azeez Mustapha

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Market Analysis – June 21

US Oil price is set to experience a major pullback as it hits a supply zone. The technical indicators on the daily chart of USOil suggest bullish momentum. The price is trading above the 9-day simple moving average (SMA), which is around 79, indicating a short-term uptrend. On the other hand, the Stochastic Oscillator is currently in the overbought zone, suggesting a potential for a short-term pullback before the continuation of the upward movement.

US Oil Significant Levels
Demand Levels: 72.40, 67.70
Supply Levels: 80.70, 87.60
US Oil Price Set to Experience a Major PullbackUS Oil Long-Term: Ranging
USOil has broken above a key resistance level at 80, turning it into a support zone. There is a visible Fair Value Gap (FVG) around the 82 level, where the price might face some resistance. Recently, the price found strong support in the order block (OB) region around 72, which has acted as a significant demand zone. The formation of higher highs and higher lows further supports the bullish trend.

Looking ahead, if USOil manages to break through the resistance at 82, the next target could be around 88, which is a significant level from previous price action. There might be a short-term correction towards the FVG+OB region around 74 before continuing the upward trend. Overall, the projection remains bullish with potential for further gains, aiming for 88 in the medium term. Incorporating forex signals can assist traders in making informed decisions during these movements.
US Oil Price Set to Experience a Major PullbackCrude Oil Short-Term: Bearish
On the four-hour chart, the market is making higher highs and higher lows. However, the USOil price is set to begin trading in a bearish trend, with strong resistance in the overbought zone. A potential reversal is expected, with the next significant support level aligning with the previous demand zone and Fair Value Gap.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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