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Market Analysis – December 2
USOil (WTI) buyers defend the 74.530 key zone. The oil price is currently experiencing a situation where buyers are defending a key zone at 74.530. This means that buyers are actively preventing the price from falling below this level. The reason behind this defense is the lack of ambition among sellers. Sellers have not been showing strong motivation to push the price lower.
USOil Key Levels
Resistance Levels: 94.070, 90.130
Support Levels: 79.600, 71.910
USOil Long-Term Trend: Bearish
The oil market has been going through a period of consolidation, where the price has been moving sideways for weeks. However, it appears that the sellers’ momentum is slowing down and their influence may be diminishing. In October, sellers made a significant move when the price reached the level of 94.070. This was confirmed by the Moving Average crossing indicator, which showed the sellers’ interest.
Since then, sellers have pushed the price down to the level of 71.910. However, buyers have now taken a defensive stance and are preventing sellers from breaking below the 74.530 level. While sellers still have some control over the daily chart, buyers are putting up a fight to defend their position.
This struggle is currently playing out this week, with buyers gradually holding back the sellers.
USOil (WTI) Short-Term Trend: Bearish
On the 4-hour chart, the consolidation pattern is still intact, and sellers are looking for opportunities to push the price lower. The Relative Volatility Index indicates that the market is currently experiencing lower volatility.
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