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Market Analysis – February 2nd
USOil bears continue to clash lower as momentum grows. The market has been responding to bearish sentiment, and there is a possibility of further downward movement. The sell pressure has been intense for several days, indicating a growing bearish momentum.
USOil Key Levels
Resistance Levels: 82.520, 77.970
Support Levels: 69.760, 67.870
USOil Long-Term Trend: Bearish
The buyers lost control close to the end of last week, as the bears suddenly arose with stronger momentum. They blocked the buyers from penetrating beyond the significant level of 79.400, preventing the oil price from reaching the 80.000 market level. In response to the defeat of the buyers, the sellers have fastened their seat belts and are ready to drive the price lower.
The bearish momentum is compounding, indicating that the sellers may drive the price back to the key level of 69.760. For the buyers to regain control and initiate a reversal, it will require a significant amount of resolve and buying power. As of now, the oil price remains swift to bearish, with the sellers maintaining control.
USOil Short-Term Trend: Bearish
The Stochastic Oscillator is showing lower readings, indicating that the sellers are growing stronger this week. The market trend confirms that the sellers are in control. On the 4-hour chart, the bears are holding the reins and charging lower. This presents an opportunity for traders to look for the best entry points using the best forex signals and join the flow of the bearish momentum.
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