USOil Price Action Eyes the $80 Price Level

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The USOil price action seems focused on moving higher over the last four trading sessions. And interestingly, price action in this market has been on a progressive upward path. Will this form continue? Let’s check it out.

Major Price Levels:
Top Levels: $79.00, $80.00, $81.00
Floor Levels: $78.18, $77.00, $76.00

USOil Price Action Eyes the $80 Price Level

 

USOil Appears Ready to Extend Its Gain

The technical indicators on the daily USOil 24-hour chart continue to point to potential price increases in this market. The latest price candle on this chart is colored red and reclines significantly above the 9-day MA line, which indicates the effect of downward forces. However, the effect of this candle seems very minimal, as the technical indicators are not pointing out its effect here. The Stochastic RSI lines are still ramping upwards into the overbought zone. Consequently, the activities on the RSI are still indicating that market bulls are still gaining momentum. Likewise, the MACD indicator lines have just performed an upside crossover, and are now moving slightly upwards. Based on signals from trading indicators, one can still predict that prices in this market are on the rise.

USOil Price Action Eyes the $80 Price Level

 

Is USOil Already Attempting to Continue Its Upside Move?

The 4-hour price action for USOil shows that prices in this market have gradually dipped toward the MA line over the last twelve hours. However, in this current session, a green candlestick has appeared and pushed the price just above the MA line. However, given the magnitude of the recorded gain in this market, technical indicators here appear to have detected no signs of a price move to the upside. The stochastic RSI lines are trending downward, and the MACD indicator is also indicating a decrease in upside momentum. The line of the MACD indicator is now moving sideways at 0.83 and 0.63. Nevertheless, traders can still keep their hopes up, as the price may continue its upside path from above the 9-day MA towards the $80.00 price level, as trading activities continues.

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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.