USOil (WTI) Buyers Attack 82.20 Supply Level Again

Market Analysis – February 17

USOIL bears have shown stiff resistance after multiple attacks on the significant level at 83.20. The bulls are ascending to strike again.

USOIL Key Levels

Resistance Levels: 83.20, 89.00, 92.80
Support Levels: 70.20, 66.0062.00

USOIL Long-term Trend: Ranging

USOil price has failed to soar beyond 83.20. The market has formed higher lows between 83.20 and 70.20 to reveal the will of the buyers. The price of WTI was declining steadily in August. The ADX (Average Daily Index) indicated the strength of the trend. The effect on the buyers was short-lived. The market has been respecting the bearish trendline anchored in August.

In November, the market dived from the oversold region at 92.80 to crash the market below the neckline of a giant double top pattern. A retest of the neckline fostered a bearish displacement to the 70.20 key level. The bulls made a second attempt to force through the key level in January but failed again. The resistance trendline aided the selloff at 83.20 in January. The market is about to test the resistance trendline on the daily chart. The Stochastic is also swerving into the overbought zone. The market is expected to plunge further.

USOil Short-Term Trend: Ranging

The ADX (Average Daily Index) on the four-hour chart shows the weakness of the trend. The lower timeframe ADX indication aligns perfectly with the daily chart. A bearish breakout of the ascending channel is expected to drive the market toward 70.20.

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