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Market Analysis – April 3
USOil faces a potential major pullback as the price approaches FVG in the premium zone. Oil faces the possibility of a major pullback following a market structure shift, with the Fair Value Gap serving as a key determinant of market sentiment.
The Stochastic Oscillator currently suggests an impending pullback as the market is now overbought. However, the bullish move might continue after the price bounces off the rising trendline following the pullback.
USOil Key Levels
Resistance Levels: $90.680, $95.020
Support Levels: $79.270, $63.630
USOil, after experiencing a notable triple bottom formation at $67.010 in June 2023, embarked on a significant uptrend. The uptrend was characterized by a massive surge to the upside after a push from the bullish order block in the discount zone. However, at the peak of this bullish momentum, a market structure shift (MSS) occurred. This signaled a shift in sentiment, potentially paving the way for a downward correction.
The market structure shift unfolded following the invalidation of the $88.170 low, marking a pivotal moment in the price action of USOil. The Stochastic Oscillator suggests the possibility of a major pullback, with the Fair Value Gap serving as a critical inflection point for market sentiment.
Despite the current upward expansion alongside a rising trendline, there is a looming threat of a major pullback. A return into the Fair Value Gap at the premium level could trigger a significant downward correction, potentially leading to a retracement toward the $79.270 support level.
USOil (WTI) Short-Term Trend: Bullish
The recent BOS (Break of Structure) has propelled prices upward into the premium zone. Owing to the selling pressure at the premium zone, a massive crash is likely to ensue beyond the $80.530 low.
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