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Market Analysis- September 29
US Oil (WTI) shows signs of weakness. The US crude oil market appears to be experiencing momentary tremors. Buyer dominance gives way to increased seller leverage. The oil market presents an intriguing play of forces, with sellers’ momentum gathering pace.
US Oil Key Levels
Resistance Levels: 95.090, 84.570
Support Levels: 88.230, 67.650
USOil Long-Term Trend: Bullish
Over the past twelve weeks, the tide has been massively in favor of the buyer. The relentless bull run has remained unscathed, despite intermittent efforts from the sellers to overturn the trend. However, cracks have begun to appear in the narratives of the buyers. It seems as though they have been rendered powerless. This is evident from their inability to break above the significant level of 95.090.
The market, currently on bullish momentum, has exhibited a slump, making it a declining trend. This is evident from the momentum indicator. This indicator catalogs the loss in traction necessary to propel the trajectory forward for the buyers. Parallelly, the Stochastic Oscillator, an efficient market tool for indicating potential trend reversals, also reflects a selling influence. This combination of market signals appears to point towards the sell opportunity we see unfolding.
Underneath the immediate surface lies the broader picture of a market that remains bullish. This drawdown of sorts could potentially represent an opportunity for the buyers to regroup. A smart trader will sit tight and not jump to premature conclusions. Rather, watch out for how the price trades beyond the 88.230 level before making a calculated decision.
USOil Short-Term Trend: Bearish
The 4-hour chart reveals an even more captivating market scenario. The bull’s influence has waned, drastically letting the sellers take the reins. It’s indicative that the current market sentiment is heavily skewed toward the sell side. The bullish reigns may just transpire into a sellers` marketplace. Yet, the traders need to secure their positions, as the buyers might eventually wrestle back control.
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