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Market Analysis – November 11
USOil (WTI) bears loosen grip as buyers stage resistance. Amidst the ongoing market struggle, a notable shift has been witnessed this week in the oil market. The buyers have begun to challenge the prevailing selling momentum.
Oil prices have notably held a buoyant stance, signaling a potential turnaround. Following a consistent bearish trajectory since early November, buyers have emerged to counter the overwhelming control of the bears. The sell traders have, however, managed to maintain this grip since October, particularly evident from their dominance starting mid-month.
USOil Key Zones
Resistance Zones: 93.080, 83.430
Support Zones: 75.110, 66.730
USOil (WTI) Long-Term Trend: Bearish
This week, the aggressive selling pressure drove prices below the significant level of 89.650, ushering in further sell-offs. However, there’s been a notable shift, with buyers showing resilience while the momentum of the sellers has momentarily ceased.
The daily chart shows a visible pullback by buyers against the selling pressure, as depicted by the Stochastic Momentum indicator. It’s showing a slow pace for sellers and hints at a shift towards buying activity. Although there’s no substantial reversal yet indicated by the Parabolic SAR (Stop and Reverse). Bears still retain their standing, though the balance is shifting.
USOil (WTI) Short-Term Trend: Bearish
In the shorter time frames, the buyers seem to be gaining some ground. However, sellers still maintain dominance in the market. There’s potential for a further downward break below the 75.110 key level.
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