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US Oil Analysis – Buyers Seeks Out Price Expansion
US Oil pushes for more gains despite consolidation. The bulls have maintained a positive price tendency throughout this week, leading to the possibility of a breakout beyond 74.530.
Despite this potential, any reduction in buyers’ buying strength could mean the Crude Oil market is set to continue its consolidation, which first began last year when it fell from the 92.540 key level. The price value dropped significantly, hitting the support level of 74.530 before beginning to accumulate again.
US Oil Key Zones
Resistance Zones: 92.540, 83.400
Support Zones: 74.530, 66.450
Oil Long Term Trend: Bullish
The market consolidated above this level, but eventually succumbed to selling pressure and breached downward.
This week’s market activity has been quite promising in terms of a potential breakout, and the bears will need to muster a lot of strength to prevent the US Oil market from ascending above the 74.530 level. Whether they succeed or not remains to be seen.
In the meantime, investors should expect the US Oil market to remain volatile, as it has been for the past year. Any large movements in either direction could indicate a potential breakout or further consolidation.
It’s also possible that the market will plateau at the 74.530 level if buyers do not increase their buying strength
Crude Oil Short-Term Trend: Bullish
On the 4-hour chart, the bulls have been showing interest. This could be the opportunity the bulls have been waiting for, as they may make a breakout when the price distributes above the key level of 74.530.
The accumulation of momentum observed over time is expected to lead to a price breakthrough in the days to come. Buyers have been gathering momentum as the momentum indicator gives the signal.
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Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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