US Oil (WTI) is Under Increasing Bearish Pressure

Market Analysis- October 7

US Oil (WTI) is under increasing bearish pressure. The US Oil (WTI) market has seen significant bearish momentum dominate its landscape recently. Last week, the bears came roaring back, challenging multiple key levels. They eventually disrupted the bullish trend that had been prevailing for much of September. This October, the bearish forces have intensified, signaling a potentially eventful week ahead.

USOil Key Levels

Resistance Levels: 86.270, 95.000
Support Levels: 74.910, 67.100

US Oil Long-Term Trend: Bearish

The bearish surge gained momentum after a reversal near the 95.000 significant level. This had been a focal point of the bullish trend in the oil market. However, as September gave way to October, it became evident that the bears were back in control. They solidified their position by breaking through and holding below the 86.270 significant zone. While there’s been an attempt by the bulls to defend the 81.690 significant level, the bears have managed to reduce their intensity.

The Auto Fibonacci retracement analysis suggests that the price could retrace to around 68.00% before the bears regain full control. This could result in a price pullback, possibly returning to the vicinity of the 84.000 significant level.

USOil Short-Term Trend: Bearish

On the 4-hour chart, we notice that buyers are eager to reenter the market and provide support. The slowing pace of the bears has created an opportunity for bullish traders. The bears still seem to be maintaining dominance for now. The battle between bulls and bears is in full swing, and the outcome will determine the short-term direction of this critical commodity.

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