USOil Analysis – April 9
USOil Flips Bullish As Price Invalidates $81.00 Previous High. Since the emergence of the downtrend in March 2022, the market has been typically bearish. However, the bulls seem to be in control of the market now as the previous high of $81.00 gets invalidated.
USOil Significant Zones
Demand Zones: $72.50, $64.50
Supply Zones: $92.00, $129.00
USOil Long-Term Trend: Bearish
While the market’s order flow is yet to be confirmed as bullish, the upward vacuum gap preceding the Change of Character (CHOCH) indicates the bulls’ presence. On June 15, 2022, a falling trendline emerged as the swing high was created at the $124.00 price level. The $124.00 swing high was a lower low compared to the swing high created at the $129.00 level. The bounce off the falling trendline on August 30, 2022, caused an influx of more sell orders for USOil. However, a breakout to the upside occurred on October 5, 2022.
The rally that broke the falling trendline to the upside was short-lived as the bears stormed the market at the $92.00 supply level. While the price of USOil kept declining, a lower high was created at the $83.00 price level. The high at the $83.00 price level is currently protected. However, due to the recent CHOCH to the upside, a bull run might ensue if the price respects the FVG at the discount. This impending bull run might eventually invalidate the $83.00 high. According to the RSI indicator, the price is heading into an overbought region, so a retracement into the FVG is probable.
USOil Short-Term Trend: Bullish
The price of the USOil is characterized by the Breaks of Structures (BOS) to the upside. As of now, the market range lies between the $64.50 and $82.00 price levels. The price is expected to retrace into the discount zone as it closes the vacuum gap before resuming the bullish trend.
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