US Oil (WTI) Bears Aim for 64.000

Market Analysis – May 12

The crude Oil market has offered a sell-side delivery of the bullish swing, which originated from the demand level of 66.000 to the supply zone of 83.370. The market price is currently on a free fall, aiming to sweep the previous low of 64.000.

US Oil Key Levels

Demand Levels: 68.800, 66.000, 62.000
Supply Levels: 80.790, 83.370, 88.000

Crude Oil Long-term Trend: Bearish

The continuous twist of the Moving Averages (Periods nine and twenty-one) lines from the month of December until early February revealed the consolidation that abounded in the market. Three black crows defied the range by plunging to the support level of 66.000. The price took off to the supply level of 83.370. The Cross of the Moving Averages at 73.300 signified the uptrend.

The liquidity resting above the range of 80.790 was used to engineer a short. Impulsive moves towards 66.000 and corrective moves as pullbacks fueled the descent in price. The US Oil market has reached a low of 66.00.

Crude Oil Short-Term Trend: Bearish

The pullback to 73.200 under the Moving Averages (periods nine and twenty-one) has fostered the descent to sweep the lows of 64.000. The next demand level of 62.000 remains the current target of the sellers. The short-term trend aligns with the bearish long-term trend.

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