USOil (WTI) Makes Third Test on Bearish Trend Line

Azeez Mustapha

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Market Analysis – July 5

USOil (WTI) price, in recent market movements, has shown a consistent upward trajectory, reaching a significant resistance trendline on the daily chart. This trendline, established by connecting two major highs, serves as a critical point for predicting potential price reversals. The steady ascent in the price reflects strong buying interest, as indicated by the consistency in the market structure.


USOil Key Levels

Demand Levels: 80.60, 76.90, 72.40
Supply Levels: 87.50, 94.50, 100.00

USOil (WTI) Makes Third Test on Bearish Trend LineUSOil Long Term Trend: Bullish

The current ascent in price highlights the dominance of buyers in the current market scenario. The Moving Averages of periods 9 and 21 on the daily chart provide additional support for the ongoing upward movement. The alignment of technical indicators reinforces the bullish sentiment, suggesting that the buyers maintain control.

A critical aspect of the current analysis is the potential breakout above the resistance trendline. Should the price successfully breach this level, it is expected to propel the price toward the target of $87.50. This breakout would signify a robust continuation of the bullish trend, fueled by strong buyer momentum.


USOil Short Term Trend: Bullish

Despite the bullish outlook on the daily chart, the lower timeframes reveal a potential warning sign for the ongoing uptrend. A double-top pattern has emerged, which traditionally signals a potential reversal in bullish trends. This pattern forms when the price reaches a high point, retraces, and then tests the same high again before declining. Although the bullish market structure is still intact, the formation of a double top could indicate a looming shift in market sentiment.
USOil (WTI) Makes Third Test on Bearish Trend LineTraders and investors following the best forex signals would monitor these developments closely. The potential breakout above the resistance trendline and the double-top pattern will be key indicators to watch for understanding the future direction of USOil prices.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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