US Oil (WTI) Buyers Could Take a Breather

US Oil (WTI) buyers could take a breather. Over the week, the bulls in the US Oil WTI market have maintained a serious liquidity purge. This surge in liquidity has favored the bulls, allowing them to exert their influence on the market. However, there are signs that the buyers may need to take a break.

Resistance Levels: 84.860, 77.710

Support Levels: 66.880, 74.480

Currently, there is an attempt to break through the 84.860 market level as bullish momentum increases. This level has proven to have strong resistance in the past. If it continues to hold, it could slow down the bullish momentum.

The bulls have been in power since a bullish surge was seen from the 66.880 level in July. The buyers expanded their horizons and reached the 84.860 market level. However, their bullish impulse slowed down as they were unable to penetrate this level. The sellers then entered the scene and drove the price back down to the 77.710 market level. Despite this setback, the buyers are still hoping to cause a breakout in the market with their current attempt.

Looking at the Stochastic Oscillator, we can see that it indicates an overbought presence for the bulls. This suggests that buyers may find it difficult to progress further, as the market may be due for a correction or consolidation.

On the other hand, the Parabolic SAR (Stop and Reverse) indicator is still in bullish favor. It indicates that buyers still hold influence in the market. This suggests that there is still potential for further upside movement in the US oil market.

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