US Oil Respects Bearish Order-Block

Azeez Mustapha

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Crude Oil is presently descending toward the swing low positioned within the demand zone at 66.00. Following the bearish displacement that occurred at the beginning of May, the correction phase came to a halt upon breaching the bullish trend line.

US Oil Key Levels

Demand Zones: 66.00, 62.00, 60.00
Supply Zones: 74.50, 76.80, 80.80

US Oil Respects Bearish Order-Block

US Oil Long-Term Trend: Bearish

US Oil prices continue to experience a downturn during this period. The intersection of the Moving Averages (with periods nine and twenty-one) in April confirmed the persistence of the bearish trend. The recent retracement of the Moving Averages has triggered a renewed bearish shift. This retracement coincided with the overbought condition observed on the Stochastic oscillator, facilitating a significant price decline.

Additionally, the chart pattern indicated an imminent price crash. Just before the downward swing, a head and shoulders bearish reversal pattern emerged. As of now, the price has declined to 68.00. The utilization of the bearish order block effectively attracted more sellers to engage in short selling.

US Oil Respects Bearish Order-Block

US Oil Short-Term Trend : Bearish

The Stochastic oscillator is currently oversold on both the daily and 4-hour charts, suggesting a potential retracement towards the identified bearish order block on the daily chart. The market continues to exhibit a bearish sentiment, as evidenced by the Moving Averages remaining above the candlesticks on both the 24-hour and 4-hour charts.

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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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