USOil Market Remains Structured for a Breakout

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USOil Analysis – March 10

USOil remains structured for a breakout. The market rose strongly by the middle of 2022. However, after the price reached 121.500, the buyers were not able to keep up with the intensity. This made the market vulnerable to the sellers, who took full advantage. Therefore, the price nosedived continually for the remainder of the year and into 2023 till it reached 70.180.

USOil Critical Levels

Supply Zone: 83.600, 91.900, 121.500
Demand Zone: 75.220, 70.180, 57.440

USOil Long-Term Trend: Bullish

The buyers have recovered themselves and are now looking for a way to take the market off the sellers, whose influence remains. Therefore, USOil has been found to range in a symmetrical triangle pattern. The result is for the price to break out to either side depending on the strongest influence.

Buyers seem to have an advantage due to the energy that the sellers have expended. The buy-traders are out with fresh intensity to drive the price back upward to 2022 highs. USOil is now at the breaking point. The MACD (Moving Average Convergence) lines have reduced their ranging intensity as they wait for market forces to toggle them in an upward or downward direction.

USOil Short-Term Trend: Ranging

The Bollinger Bands are wrapped around the candlesticks on the daily and 4-hour time-frames. Currently, the candlesticks have dropped to the lower band as well as the lower border of the triangle. The market is at a decision stage and is expected to choose a direction soon. The bulls have the upper hand to drive the price back to 121.500.

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