USOil Drifts Higher as Buyers Take Charge

Market Analysis – February 10

USOil drifts higher as buyers take charge. Sellers have been pushed out for several days now, and the market strength has been in favor of the buyers. The month of February has seen surprising strength from the bulls in the US oil market. Towards the end of January, the oil market started depreciating after trading at a significant level of 78.740.

USOIL (WTI) Key Zones

Resistance Zones: 94.970, 90.200
Support Zones: 78.740, 69.460

USoil WTI Long-Term Trend:Bullish

Throughout the last quarter of the previous year, the oil market experienced a downward trend, failing to reach the significant level of 100.000. The bear pressure intensified from the significant level of 94.970. Sellers struggled to find balance at the market level of 69.460 last year.

However, the bulls are now making a call to drift forward and regain control of the market. A cross above the significant level of 77.900 will solidify their efforts and potentially lead to further upward movement. The Bollinger Band indicator still indicates significant volatility in the market, suggesting potential opportunities for traders. By following the best forex signals, traders can stay informed about the market flow and make more accurate trading decisions.

USoil WTI Short-Term Trend: Bullish

The Relative Volatility Index (RVI) is also showing strength in buy action this week, further supporting the bullish sentiment. The buyers are aiming to break more levels in the new month, indicating their determination to continue pushing the price higher.

In the dynamic world of forex trading, utilizing the best forex signals is essential for traders. Forex signals provide valuable analysis from professionals, helping traders make informed decisions.

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