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Market Analysis – April 18th
USOil sellers pull back as bulls remain shut out. The recent disintegration of the USOil price has sent shockwaves through the industry, as sellers pull back and the bulls find themselves shut out. This sudden shift in market dynamics has left investors and traders on edge, uncertain of what lies ahead.
USOil Key Levels
Resistance Levels: 87.600, 84.100
Support Levels: 76.700, 71.300
USOil Long-Term Trend: Bullish
For the past month, the bulls have been gaining strength in the USOil market, driving prices higher. However, this momentum came to a screeching halt as sellers began to exert their influence.
The catalyst for this shift was the buy expansion to the significant level of 87.670. This sudden surge in buying activity created a sense of uneasiness among market participants, leading to a slowdown in the bullish pace.
As sellers entered the market, they started to drag the price of oil back towards the significant zone of 84.100. This tug-of-war between buyers and sellers has created a tense atmosphere in the oil market.
The price has been accumulating at the 84.100 level, indicating a potential struggle for the bulls to regain control. It may take some time for them to refuel and mount another upward push.
To fully understand the current disintegration of the USOil price, it is essential to reflect on the significant progress made in the market during the first quarter of this year.
From January to now, the oil market has experienced substantial growth and positive momentum. This upward trajectory has provided ample opportunities for both buyers and sellers to capitalize on market movements.
USOil Short-Term Trend: Bearish
Last month, the sellers managed to slow down the bullish opportunities after the price breached the significant level of 76.780. Following days of price accumulation, the oil price continued its upward trajectory.
However, to anticipate more bullish opportunities in the current market, buyers will need to battle it out from the accumulation phase above the 84.100 significant level. The Relative Strength Index (RSI), a popular technical indicator, also remains in favor of the sellers, providing them with additional ammunition to strike further.
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