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Market Analysis – September 18
US Oil (WTI) bulls edge close to the 91.009 price level. The oil price has displayed a bold bullish move. It is clear that the bulls relentlessly pushed the price beyond the 84.960 hurdle level.
US Oil (WTI) Key Levels
Resistance Levels: 91.000, 84.960
Support Levels: 76.600, 66.830
US Oil WTI Long-Term Trend: Bullish
The bullish momentum that currently propels WTI began in July. It is worth noting that a price retracement occurred at the 76.600 key level before a breakout ensued. This retracement, while short-lived, laid the foundation for the subsequent surge in bullish sentiment. Buyers demonstrated remarkable tenacity, propelling the price close to the 84.960 market level.
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The historical patterns suggest that the path to the 91.000 key level may not be straightforward. As in the past, WTI’s price was pushed downward near the 76.600 market level. Given the significance of the 91.000 level, traders should anticipate a potential price pullback in the US oil market.
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The Parabolic SAR (Stop and Reverse) indicator shows a consistent form of bullish action. It displays the trending dots increasing, but there are no visible signs of reversal yet. This suggests that bullish sentiment remains intact, but caution is warranted.
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On the other hand, the Stochastic RSI (Relative Strength Index) provides a different perspective. It currently holds in the overbought region, indicating an extended bullish phase.
US Oil (WTI) Short-Term Trend: Bullish
On the 4-hour chart, the Stochastic RSI indicates a sell trend. This divergence suggests that traders should be prepared for a potential price pullback in the US oil market.
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