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Market Analysis – September 22
US Oil (WTI) regains bullish sharpness. The bulls have reemerged on the US Oil (WTI) scene with a renewed sense of determination. After a period of consolidation and correction, the price corrected lower and failed to breach the 90.160 key level.
The bulls are once again flexing their muscles. This pattern is reminiscent of mid-July. The price broke through the 77.750 market level, only to face resistance at the 85.160 significant zone. Following this resistance, the price corrected lower, ultimately reaching the 77.750 key level.
US Oil (WTI) Key Levels
Resistance Levels: 90.160, 85.160
Support Levels: 77.750, 66.550
US Oil (WTI) Long-Term Trend: Bullish
It’s worth noting that corrections like these often serve as catalysts for further bullish progress. Investors taking profits and closing out positions create an environment where bulls can regroup and push the price higher. This retracement allows for a healthier and more sustainable upward trend.
While the buyers have started to regain their rhythm and push the oil price higher, there are challenges on the horizon. The Relative Strength Index (RSI) indicates a potential sell signal, with the price showing signs of being overbought. This suggests that the bulls may have lost some of their strength to propel the price forward.
US Oil (WTI) Short-Term Trend: Bullish
On the 4-hour chart, the Price Oscillator Indicator is on the rise. Should it cross the 0.00 level, it would signify a bullish acceleration, potentially signaling a resurgence of buying pressure. Additionally, the Parabolic SAR (Stop and Reversed) indicator is locked in for a bullish reversal. It further indicates that the bulls are regaining control.
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