Market Analysis – April 14
US Oil experienced a bearish breakout below the demand level of 73.20. The anticipated retest of the demand level was dashed as the market suddenly gapped above 81.130.
Oil Key Levels
Demand Levels: 73.200, 66.000, 62.00
Supply Levels: 81.130, 89.000, 92.800
Oil Long-Term Trend: Bullish
Oil was stuck between the resistance level of 81.130 and the demand level of 73.200. The daily candles swerved above and below the Moving Average string continuously to reveal the consolidation. On the 13th of March, Three Black Crows led the market outside the range after the Stochastic Oscillator indicated overbought at the test of the supply level of 81.130.
The breakout led the market to the oversold level of 66.000. Immediately, a retracement was initiated to test the 71.200 key level. The anticipated retracement to continue the descent was dashed as the market gapped above 81.130.
Oil Short-Term Trend: Bullish
Since the jump in the price of WTI, the market has remained stiff. The sweep above the previous highs of 81.130 is expected to provide support for an ascent to 89.000.
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