USOil (WTI) Bulls are Nearing Climax

Market Analysis – October 23

USOil (WTI) bulls are nearing climax despite prevailing strength. The oil price continues to surge, with the potential to breach the key 90.230 market level soon. However, with this upward momentum, there is a looming risk of exhaustion. The strength of the bullish trend has intensified, particularly in the past week. It suggests that buyers may soon reach their climax. At this juncture, sellers may look for opportunities to drive the price lower.

USOil (WTI) Key Levels

Resistance Levels: 94.950, 90.230
Support Levels: 85.400, 73.760

USOil (WTI) Long-Term Trend: Bullish

This month commenced with sellers dominating the market, as the selling motion gained substantial intensity. Prices dropped to a significant level of 82.220. Yet buyers managed to regain their footing and now maintain a strong presence. Currently, buyers remain on the ascendant side, anticipating further opportunities for price increases.

Technical indicators on the daily chart reveal a potential climax in the making. The momentum indicator is signaling the potential end of the bullish momentum, suggesting that buyers may face depletion soon. Meanwhile, the Stochastic oscillator, located close to the overbought side, further reinforces the notion that a climax is near.

USOil (WTI) Short-Term Trend: Bullish

While the oil market is currently under the control of buyers, they may encounter difficulties as they approach the 90.230 level. The risk lies in the decreasing momentum that could affect their ability to push higher after this level is breached. Sellers could force prices lower should the buyers pull out.

You can purchase Lucky Block here.  Buy LBLOCK

 

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.