US Oil (WTI) Buyers Pick Up Interest Above The 78.780 Key Area

Market Analysis – August 18th

US Oil (WTI) buyers pick up interest above the 78.780 key area. Another buying tendency is about to erupt at this significant level. The market remains uncertain about the prevailing sentiment due to the previous strength displayed by sellers.

Let’s recap how the market set up back in July. Following months of consolidation below the 73.930 key level, the bulls were able to exert their strength. They, however, spread their influence in the market.

The price aggregated within the range of 66.82 and 73.930, creating a period of consolidation that lasted until July. During that time, the bulls managed to surpass the 73.930 market zone. Over the week, their buying power appeared to be increasing.

US Oil (WTI) Important Levels

Resistance Levels: 93.640, 84.920
Support Levels: 78.780, 66.820

US Oil (WTI) Long-Term Trend: Bullish

However, in August, the buyers faced a setback that affected the overall bullish sentiment. The sellers were able to pull the price back down to the 80.190 key area. It remains to be seen whether they can further extend their influence. So traders should not discount the sellers’ potential impact.

Any shift in the price reaction will influence the overall market sentiment. The bulls are currently striving to reinforce their position above the 80.190 market level. The level of success they achieve will be crucial in determining the next direction for prices in the upcoming week.

It’s worth noting that the MACD (Moving Average Convergence and Divergence) signal is crossing down from its buying peak. It suggests a potential shift in sentiment. Additionally, the Relative Strength Index (RSI) on the daily time frame still reflects selling influence.

US Oil (WTI) Short-Term Trend: Bearish

Shifting our attention to the 4-hour chart, the buyers continue to fight for renewed interest. However, the success of their endeavors will largely depend on a decline in sell strength.

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