USOil Is Orchestrating Its Market to Recover From a Bearish Blow
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USOil Is Orchestrating Its Market to Recover From a Bearish Blow

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Azeez Mustapha

Updated:

US30 Analysis – March 3

USOil is Orchestrating its market to recover from a bearish blow. All the progress made by the market since early 2022 has been undone after the price failed to quickly establish itself above the 121.500 key level on the first trial in March 2022. A second trial in June 2022 also did not work. Thereafter, it was all south until the price dropped to 70.180

USOil Critical Levels

Supply Zone: 83.600, 91.900, 121.500
Demand Zone: 75.220, 70.180, 57.440
Usoil Is Orchestrating Its Market to Recover From a Bearish Blow

USOil Long-Term Trend: Bullish

It can be noticed that toward the end of 2022 in October, every attempt of the buyers to resist the bearish pressure was put to bed as the sellers used a bearish double-top pattern to push the price down. At 70.180, the pressure has receded, allowing the bulls the opportunity to influence the market.

USOil is now orchestrating the market into a symmetrical triangle pattern, which the buyers hope to use to their advantage. Currently, the price is tapering through the triangle pattern and is close to maturity at the tip of the triangle. The Elders Force Index (EFI) indicator has its power line reacting vigorously around the equilibrium level as the buyers are trying vigorously to wrestle the market from the sellers.
Usoil Is Orchestrating Its Market to Recover From a Bearish Blow

USOil Short-Term Trend: Bullish

The EFI indicator on the 4-hour chart shows the power line rising to a positive. It remains to be seen if the line doesn’t drop back to a negative value after the price tests the upper border of the triangle structure. The ATR (Average True Range) indicator shows that despite the vigorous agitation in the market, volatility is dipping. A breakout, especially to the upside, might come with much volatility, which might help the price rise back to 121.500.

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