USOil Bear Wins the Market Ding-Dong Battle

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US30 Analysis – March 18

USOil has had a temporary stop in its drop because the buyers intervened. The result is that the market entered an accumulation phase as opposing market forces tried to steer the price in their favor. This lasted for several months, ranging back to November last year. Eventually, on the 13th of March, USOil found its way to the downside of the accumulation structure to show that the bears edged the market.

USOil Critical Levels

Supply Zone: 83.600, 91.900, 121.500
Demand Zone: 75.220, 70.180, 57.440

USOil Long-Term Trend: Bearish

The plunge in price started after the market met an acute barrier to the rise in the price of around 121.500 in early February last year. This caused the price to drop, but USOil will launch another assault at this significant level again in mid-2022. The price didn’t make it through, and this time, the bulls were powerless to resist as the market tumbled through several levels.

The buyers only got a handle on the market around 75.220 after the bears had weakened after causing a lot of damage, but their influence remained visible. This causes several weeks of price accumulation, and the market tapers through a symmetrical triangle. Afterward, a drop occurred. The EFI (Elders Force Index) powerline has taken a definite downward direction to show the strength of the bears.

USOil Short-Term Trend: Bearish

The Parabolic SAR (Stop and Reverse) dots have so far been alternating around the market as it accumulates in a triangle. However, with this price drop, we are expected to see a long line of dots above the candles. This is already visible on the 4-hour chart. The EFI power line has made an initial recovery before even dropping back down. The seller’s influence is strong, and USOil is expected to dip a bit more to 57.440.

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