USOil Ascends With a Parallel Channel

Market Analysis – April 27

USOil bearish trend halted at the demand level of 72.10. The market experienced a shift in market structure after finding support on the lower Bollinger band. Before the bullish reversal, the Williams Percent Range signaled an ascent in the price in December when it swerved into the oversold region.

USOil Key Levels

Demand Levels: 81.20, 76.90, 72.10
Supply Levels: 87.50, 94.50, 97.50

USOil Long-Term Trend: Bullish

Immediately after the market structure shift in January, the price pulled back into a confluence region. The supporting trendline crossed with the demand level of 72.10. The bullish confluence zone was further authenticated with the William % Range to establish reliable forex signals.

During February and March, the daily candles rested above the Moving Average within the Bollinger Bands. At the test of the supply zone of 87.50, the price crashed to 81.20. The Williams Percent Range lurked in the overbought region calling for a descent.

USOil Short-Term Trend: Bullish

USOil has dipped into another bullish Confluence. The price has tapped the support level of 81.20 which perfectly aligns with the bullish trendline. The Williams % Range is also oversold further confirming a resumption of the ascent. The price is expected to rally to 87.50

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