US Oil (WTI) Pullback Is Almost Over

Market Analysis – March 31st

US Oil broke the supporting trendline on the 13th of March. The Bearish displacement delivered from 81.130 to 66.00. The market is currently experiencing a retracement after the impulsive move.

US Oil Key Levels:

Demand Levels: 73.20, 66.00, 62.00
Supply Levels: 81.10, 89.00, 92.80

Oil Long-Term Trend: Bearish

The tussle over the price of Oil was unproductive from December until March. The market formed a range between the significant levels of 81.10 and 73.20. The sellers eventually gained ground after the test of the 81.10 supply level in March, when the Stochastic was overbought.

The price of oil fell to a 66.0 support level this month. The Stochastic indicated the market was oversold at the test of the demand zone of 66.00. The market is currently ascending to the lower border of a symmetrical triangle. The Stochastic is also swerving to the overbought level as the price rises. The downward trend is likely to continue at the lower border of the symmetrical triangle.

WTI Short-Term Trend: Bullish

On the lower timeframe, the market structure is bullish. Higher highs and lows have formed consistently from the 20th of March until the current date. A bullish wedge chart pattern also formed on the four-hour chart, guiding the price action from 66.0 to 73.20. The lower border of the symmetrical triangle has been tested. While the Stochastic Oscillator is approaching the overbought region on the daily chart, it is already overbought on the four-hour chart. This shows the pullback on the higher timeframe is almost bearish, and a breakout from the wedge is currently anticipated. The market is likely to fall to 66.00.

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