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Market Analysis – January 13th
USOil consolidate as bulls make solid gains this week following a bearish purge last year. The USOil market is currently in a consolidation phase, despite the solid gains made by the bulls this week. The bulls have shown reasonable strength, but the oil market has been reluctant to break out of this phase.
The price of oil stumbled into the consolidation phase after sellers led a breakthrough a few months ago. The sellers gained momentum and pushed the price lower after buyers sold out around the significant level of 97.000.
USOil Important Zones
Resistance Zones: 90.000, 83.480
Support Zones: 79.730, 69.830
USOil (WTI) Long Term Trend: Bullish
The bears dominated the market with a strong influence until they couldn’t continue their downward pressure at the price level of 69.830. Following this heavy sell-off by the sellers, USOil is attempting to recover once again. The buyers are in hot pursuit, but a solid breakthrough has not been seen yet.
However, their current buildup reflects a significant spike in the momentum indicator. The momentum indicator has risen above the zero line, indicating the potential for a bullish trend to grow stronger.
USOil (WTI) Short-Term Trend: Bullish
Traders should look forward to an increase in buy orders flowing into the market. A stronger bullish tendency will be evident when buyers show their strong resolve. This implies that a break and a retest above the significant level of 75.870 will confirm a bullish position on WTI.
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