USOil Tests Bullish Order-Block From the Previous Year

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Market Analysis – February 10

USOil experienced a significant rise in price the previous year. Just before 2022 opened, a double bottom shape was displayed at 66.00, which revealed the course the following year was to follow. The market took off to the moon without any resistance. The buying pressure was so strong that there was no retracement of the uptrend until March. The Moving Averages supported the bullishness of the market.

USOil Key Levels

Demand Levels: 70.20, 66.00, 62.00
Supply Levels: 83.20, 89.00, 92.80

USOil Long-Term Trend: Bearish

The weakness of the buyers was noticed after the failure to create a new high following the support provided by the significance level of 92.80. In June, the Stochastic revealed that the market was overbought. As a result of the buyers’ exhaustion, the daily candles slipped below the Moving Average Period 89 in June and then the Moving Averages period 200 afterward.

The Moving Average (MA) period 89 also switched position with the Moving Average period 200 in October, causing a cross of the MA’s The Moving Average period 89 swerved below the period 200 as the change of trend was detected earlier. A double-top chart pattern formed afterward. The market fell after the double top. A reversal to the neckline of the double top resulted in a bearish displacement into a bullish order block from the previous year.

USOil Short-term Trend: Bullish

USOil is moving in the opposite direction of the market as a whole. The 4-hour chart has a bullish market structure with prominent higher highs. while the daily timeframe is bearish. The alignment with the longer time frame is preferable. The market may eventually turn to an uptrend with a bullish displacement above the descending trendline.

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