Market Analysis – October 14
USOil (WTI) price shows signs of resurgence as buyers take control. The US oil market has witnessed a notable shift in momentum as buyers stage a late-week rally. Just a few weeks ago, it was the bears who seemed to hold sway over the oil market.
Expectations were running high for sellers to strengthen their position and extend their dominance. However, they failed to adequately position themselves for further breakthroughs, and the anticipated sell trend proved relatively short-lived. This change occurred after buyers effectively halted the slide in prices near the 95.510 market strength.
USOil (WTI) Key Levels
Resistance Zones: 95.510, 87.000
Support Zones: 74.160, 66.730
USOil Long-Term Trend: Bullish
The bears faced a significant setback as prices pulled back to the key support level at 82.050. The battle has become a tug-of-war, and the current surge in buying activity leaves little breathing space for sellers. Buy traders have managed to recoup their losses, pushing the price back up near the 87.000 significant level.
The daily chart reveals the Stochastic Indicator navigating towards the selling market as part of the pullback this week. However, this movement may also allow buyers to reposition themselves for potential future gains.
USOil Short-Term Trend: Bullish
A closer look at the 4-hour chart shows buyers are still eager to make further headway. If this drive continues to gain momentum, it will give them a significant edge over the sell-side participants in the market. The MACD (Moving Average Convergence and Divergence) indicator is setting the stage for additional gains as the new week unfolds.
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