USOil Finds Support on Bullish Trendline

Market Analysis – July 14

USOil price action recently confirmed a bullish reversal with a double break of structure to the upside. Despite this positive momentum, the price was unable to reach the resistance level of 80.110 before entering a retracement phase. However, the bullish trendline has effectively halted the decline, acting as dynamic support and cushioning the market against further downward movement.

USOil Key Levels

Demand Levels: 55.390, 42.860, 34.950
Supply Levels: 80.110, 87.150, 94.990

USOil Long-Term Trend: Bullish

In early May, the price touched the demand level at 55.390, leading to the formation of a reverse head and shoulders pattern. When connected, the major lows have formed a reliable trendline that has consistently served as a strong support zone, catching price retracements effectively.

The Fixed Range Volume Profile shows a concentration of trading activity and strong resistance around the 72.000 level. As anticipated, after a minor breach above this area, the price faced selling pressure and pulled back accordingly. Traders relying on forex signals can use these developments to identify strategic entry points.

USOil Short-Term Trend: Bullish

The broader trend continues to be bullish, as the overall market structure has not shown any signs of a breakdown or bearish shift. Buyers remain in control and may attempt another move toward the key resistance level of 80.110, which has been reinforced by several swing highs in that price region.

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