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Market Analysis- November 19
USOil (WTI) bearish momentum slips. The market has experienced a recent bearish trend for a while. Sellers are facing resistance as buyers show strength in the current week. Despite previous bearish days, a short-term recovery is observed, bringing the oil price back near the 74.920 significant level. Buyers are making a surprising turn, potentially extending their influence, yet a strong bullish trend is not evident.
USOil Market Zones
Resistance Zones: 90.080, 85.860
Support Zones: 80.650, 67.380
USOil Long-Term Trend: Bearish
Notably, bears lost momentum after breaking below the 74.920 significant zone. The decline in bearish sentiment is evident, with buyers taking charge. However, their strength seems temporary, and the market is yet to witness a robust bullish trend. The bearish sentiment has persisted since the 90.000 key zone, with bears breaking through various order levels.
Currently, buyers lack the strength to shift the overall price trend. The stochastic oscillator indicates sellers re-entering the picture. Although buyers may close the week with some control, sellers are expected to bounce back. The Momentum Indicator is declining as sellers struggle to regain control.
USOil (WTI) Short-Term Trend: Bullish
In the long run, the oil market appears bearish, and a shift in sentiment is anticipated in the coming weeks. Traders should keep an eye on developments as sellers aim to regain control. This could potentially influence the market in the future as trade goes on. The sellers nevertheless remain motivated to push lower as the new week comes by.
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