USOil Is Attempting to Retrace Above the $75.00 Price Mark

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors



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

USOil Is Attempting to Retrace Above the $75.00 Price Mark

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 Is Attempting to Retrace Above the $75.00 Price Mark

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.

Do you want to take your trading to the next level? Join the best platform for that here.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.