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Market Analysis – August 25
US oil (WTI) looks for more bullish momentum. The market needs more attention from bullish participants to expand its momentum. The buyers have been attempting to regain the previously lost bullish pace in the market. Although US oil experienced a significant dip earlier this week, the bulls need to strengthen their position in the market.
US Oil (WTI) Market Levels
Resistance levels: 93.640, 85.070
Support levels: 74.190, 66.250
US Oil (WTI) Long-Term Trend: Bullish
Technically, the significant zone at 85.070 has not been broken this year, highlighting the importance of this key level. In April, the bulls attempted but were unable to sustain the upward movement, resulting in a fall.
Subsequently, the bears pushed the price below the market level of 74.190. However, the buyers managed to escape through a period of market consolidation. Since then, the bulls have been expanding their influence. This month, market activity has revolved around the 85.070 level. The buyers have not been able to achieve a breakthrough yet.
The US oil market has reacted to the 77.990 level, indicating the willingness of buyers to push forward. To achieve a breakthrough, the bulls need to accumulate more strength.
The Stochastic Oscillator has indicated an overbought region. This suggests that buyers could potentially expand their presence as the trade progresses. Although the bullish momentum has declined, as shown by the Momentum indicator, the bulls are expected to strengthen their position.
US Oil (WTI) Short-Term Trend: Bullish
Currently, the market is positioned to continue its bullish trend. As the trade unfolds next week, the buyers will need to increase their pace to solidify the bullish momentum.
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