US Oil (WTI) is Set for a Bullish Breakout

Market Analysis: May 20

The US Oil market is set for a bullish breakout as it transformed into a strongly trending market after consolidation between the 80.790 supply level and 73.200 demand level. The symmetrical triangle pattern shows an impending breakout in the WTI market.

US Oil Key Levels
Demand Levels: 73.200, 68.800, 66.000
Supply Levels: 80.790, 83.370, 90.000

 

US Oil Long-Term Trend: Bearish

A liquidity region formed beneath the bearish displacement, ending the ranging market. The tussle between Bears and Bulls kept the market in a range throughout January and February.

The price experienced a bearish reversal on April 13, 2023. The market structure played out neatly to form lower highs and lows towards the liquidity pool, 66.00. After the sweep of the swing low, a symmetrical triangle has formed on the daily chart.

US Oil Short-Term Trend: Bearish

On the 4-hour chart, higher lows and lower highs have narrowed down to a point. A breakout is anticipated to determine the market’s next major move.

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