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Market Analysis- January 20th
USOil remains unyielding as the price lacks direction. The oil price refuses to launch forward. It has been another boring week for the US oil market, with the price remaining in consolidation. Traders on both sides have been silent due to the low impulse in the market.
The bulls experienced some relief after making a few gains, but the bears are currently patrolling the market with the same motion. It is clear that the oil price lacks direction and is unwilling to make a significant move.
USOil Key Levels
Resistance Levels: 90.000, 83.800
Support Levels: 79.330, 69.320
USOil Long Term Trend: Bullish
The market has been consolidating between the significant levels of 76.480 and 69.320 since last year. The bulls have not been able to gain a solid foothold since then. In the last quarter of the year, buyers briefly pushed the price up close to the significant level of 93.000.
However, as of September, the bears have been dominating the market. The price witnessed a drop to the significant level of 69.320. Since December, the market has been struggling and lacks redemption. The struggle continues among market participants, with no clear direction in sight.
The momentum in the daily time frame shows weak volatility in the market. The buyers have stopped pressing, and the sellers have been quiet. The price volatility index also reflects the lack of momentum inflow in recent times.
USOil Short-Term Trend: Bullish
The short time frame indicates price accumulation. USOil still lacks the stamina to push further and break out of the consolidation range. Traders should exercise caution and closely monitor the market for any signs of a potential breakout or change in direction.
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