USOil Bulls Are Tiring, but Price May Revisit Near $80.00

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USOil prices appear to have encountered a moderate headwind over the last four trading sessions on the daily market. This has caused prices in this market to decline from $80.00 to $78.38. With careful observation, we can see that attempts are already being made to abate the downward retracement. So let’s zoom in for a closer look.

Major Price Levels:
Top Levels: $79.00, $80.00, $81.00
Floor Levels: $78.38, $77.00, $76.50

USOil Price May Retrace $78.00

USOil price action on the daily market is sliding towards lower support. This could be seen as mostly tiny-bodied bearish price candles have been showing up since four trading sessions ago. Also, the Stochastic RSI curves have reached the overbought region, performed a downward crossover, and are now moving downwards. At this point, the curves of this indicator are now at 90.45 and 83.89 levels and are close to each other. Furthermore, the lines of the Moving Average Convergence Divergence Indicator are moving slightly upward from below the 0.00 level. However, we can see that the histogram bars on the positive side of this indicator in recent times are looking pale. Therefore, it’s more likely that the overall moderate downward retracement, that has started in the USOil market since June this year may continue, at least towards the above-stated level.

USOil May Record Moderate Profits on the 4-hour Market

USOil appears to have made moderate profits in the last eight hours on the 4-hour time market. The effect of this profit can also be seen on the daily chart, as the last price candle there looks quite short. Nevertheless, lately, market bears seem to have managed to gain control and have pushed the price downward. However, technical indicators used on this 4-hour market are telling that traders in this market may witness moderate profits. Recent price candles are caught in between the two sets of GMMA indicator curves. Meanwhile, the RSI lines are moving upward, with the faster one already above the 50 level. Also, the MACD indicator seems to be telling that market bears are losing strength. If bulls gain strength after the bears exhaust themselves, the price of US oil could rise to $80.00. Traders can approach this market safely by placing a buy order at $79.10 and a stop order at any comfortable level below this level.

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