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USOil has been trading within a sideways price channel formed by the Fibonacci levels of 78.60 (resistance) and 100 (support) since mid-November 2022. And at this point, price action in the USOil market is now trying to retrace the resistance of this channel. Let’s zoom in to get a better view of things in this market.
Important Price Marks:
Resistance: $74.49, $77.00, $79.00
Support: $74.00, $73.00, $72.00
Market Bulls Are Gradually Driving USOil Price Towards Resistance Level
USOil’s price on the daily market is now retracing its steps back to the resistance of the sideways price channel formed by Fibonacci levels of 78.60 and 100. Although with lower vigor, upside forces have remained consistent with gains since the previous session. And with this session already going the way of the buyers, some signs from technical indicators are aligning with the new development in this market. Price candles for three consecutive sessions have remained under the 9-day Moving Average, with the recent bullish price candles pushing the price back toward it. The RSI lines are now in the oversold area, however, the faster one is already reflecting the activities of upside forces, as it is now bending sideways towards the slower one. However, the MACD continues to show that the downward forces are still around in this market and should not be ignored. Therefore, traders need to gain better insight into this market to know the market direction.
USOil Price May Reclaim the $76.00 Price Mark
Price action in the four-hour USOil market appears to be preparing to reclaim the $76.00 mark. Price candles are now sitting above the 9-day Moving Average curve. At the same time, the Stochastic RSI lines are now rising into the oversold area with these lines at 82.73 and 60.62. Also, the MACD indicator is now revealing that market bears are losing strength, judging by the appearance of its histogram bars. Also, the lines of the MACD are now merged for an upward crossover below the equilibrium level. Taking into account all of the signals on the 4-hour market, it is reasonable to expect the price in this market to approach and surpass the $76.00 mark.
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