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Market Analysis – December 29th
USOil Price remain poised for an aggressive decline as bears maintain control. The price of oil is showing signs of continuing its aggressive decline, potentially breaking below the significant level of 71.00.
The bears are staggering but still determined to break through this key level, indicating a higher likelihood of further downside. This year, the bulls failed to reach the significant level of 100.00, with the oil market stumbling after failing to breach the 93.00 level.
USOil (WTI) Key Levels
Resistance Levels: 100.00, 93.00
Support Levels: 71.70, 66.80
USOil (WTI) Long-Term Trend: Bearish
In July of this year, the bulls embarked on a journey towards the key level of 100.00. However, their efforts were thwarted as sellers took control. Since then, the oil price has been on a downward streak, with sellers pushing prices lower. It is expected that the bears will soon cross down to the significant level of 71.70, continuing their relentless downward pressure.
Recent weeks have shown buyers attempting to establish stronger lower highs. Right now, the bears are determined to push the price lower this week. With increased intensity, the price could potentially decline to a significant level of 66.80. Currently, there are no clear signs of a reversal for buyers to pull through.
USOil (WTI) Short-Term Trend: Bearish
The Stochastic Oscillator is still pushing lower, indicating that sellers maintain a stronghold in the market. At this point, the oil market suggests a continuation of the bearish trend, with the price of WTI expected to pull lower in the near term.
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