USOil (Crude Oil) Buyers Intercept Sellers

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Market Analysis – January 6th

USOil buyers intercept sellers, creating the potential for bullish action.
The bearish course of WTI (USOil) has encountered obstacles due to a lack of significant liquidity flow. This week, buyers have seized a trading opportunity from sellers.

This resulted in a quick drive from the 69.300 significant level and a revival of strength for the bulls. However, the current drive of USOil is slower compared to previous movements. It naturally suggests a potential shift in market dynamics.

USOil Key Levels

Resistance Levels: 90.080, 83.920
Support Levels: 75.850, 69.430

USOil (WTI) Long-Term Trend: Bearish

Sellers have recently shown a lack of depth and force in pushing the price lower. The oil market has experienced significant activity from both traders. Also, price consolidation was seen to be occurring around the 69.430 level before the bulls initiated a climb forward.

The oil price witnessed substantial momentum, nearing its climax close to the 96.00 price zone. However, as the last quarter of the year approached, bears began to disengage. They somehow successfully pushed the price down to the critical level of 69.430.

With the bulls now approaching a hot zone, there is a higher likelihood of seeing a bullish swing back into action. In May, buyers experienced a reversal around the significant level of 67.050, rallying up after months of consolidation. Currently, buyers are facing resistance from sellers, but indicators suggest a potential breakthrough in the near future.

USOil (WTI) Short-Term Trend: Bearish

The Stochastic Oscillator shows that sellers are currently crossed out at the middle range. This presents an opportunity for buyers to establish dominance. Traders are vigilantly monitoring the market as buyers seek to solidify their position on USOil.

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