Market Analysis – January 26th
The price of USOil is currently showing weakness as it approaches the significant zone of 77.380. The Oil price opened with a sharp decline after reaching this key level, indicating the presence of sellers in the market.
As a result, buyers are likely to struggle for some time. The bulls will need a stronger conviction to turn the situation around. Currently, the fate of the bullish momentum hangs in the balance.
USOil WTI Key Levels
Resistance Levels:85.140, 89.820
Support Levels: 67.550, 70.450
USOil Long-Term Trend: Bullish
Throughout this year, the bulls have only managed to rally enough strength to reach this key level. This implies that buyers will face a delay at the 77.380 significant zone. The bears have dictated the trend in the oil market over the past few months.
However, it is only a matter of time before the buyers gain more strength. The Relative Strength Index (RSI) on the daily chart shows the resilience of the buyers. This indicator suggests their intention to push the price higher.
USOil Short-Term Trend: Bullish
In the short time frame, there is a hold-up due to sell influence, which could potentially lead to the rejection of the USOil price. However, the buyers remain motivated and determined. With the help of precise forex signals, buy traders should be on the lookout for a breakthrough in the market. The buyers still show stronger resolve.
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