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Market Analysis – December 15th
USOil (WTI) bulls strive for a reversal as the oil market shows a bullish one. The oil market is wrapping up the week with a bullish tone as the bulls attempt to stage an uprising. However, they have been struggling to break through the significant level of 72.510. Despite the ongoing battle between market participants, the buyers are determined to fight back with all their might.
USOIL (WTI) Key Levels
Resistance Levels: 89.770, 86.260
Support Levels: 74.990, 66.810
USOil (WTI) Long Term Trend: Bullish
USOil has been characterized by a weak bearish trend since the beginning of October. Throughout this period, the buyers have found it challenging to maintain momentum, while the sellers have been strategically positioning the price to trade lower.
Last month, the bears successfully broke through the 200-day Simple Moving Average (SMA). This further strengthened their position and resulted in a further price decline.
Currently, the buyers face the task of pushing the price back into the market. Nevertheless, much will depend on the 72.510 market level in the coming week. If the buyers can generate enough momentum to rally beyond this level, it would confirm a potential reversal. However, if they fail to gain sufficient momentum, the sellers will likely drive the price lower.
The Relative Strength Index (RSI) indicates that the buyers are strengthening their resolve, which is a positive sign. However, it remains to be seen whether they can translate this into a meaningful price reversal.
USOil (WTI) Short-Term Trend: Bullish
As the trade goes by, all eyes should be on the 72.510 key level. This level will serve as a key determinant of the bulls’ fate in the coming weeks. A successful rally above this level could open the door for further upside potential, while a failure to gain momentum may lead to further downside pressure.
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