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 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 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.
You can purchase Lucky Block – Guide, Tips & Insights | Learn 2 Trade here. Buy LBLOCK
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.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
