USOil (WTI) Remains in a Symmetrical Triangle

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Market Analysis – February 24

USOil market is currently ranging. A symmetrical triangle is forming on the daily chart. A breakout is anticipated to define the market’s next move.

USOil Key Levels

Demand Levels: 70.20, 66.00, 62.00
Supply Levels: 83.20, 89.00, 92.80

USOil Long-term Trend: Ranging

USOil bulls have made multiple attempts to initiate a bullish reversal on the daily time frame. The weight of the sellers continues to pull the market down with every attempt to go long. In August, a double-bottom bullish reversal chart pattern formed. The Stochastic also indicated an oversold market. The influx of bulls causes the price to rise. The ascent was short-lived, as a bearish displacement swept the double bottom’s lows.

In September, a bullish impulse seemed to be the final recovery of the bulls. The market ascended from the oversold region below 83.20. The impulsive move was used by the sellers to engineer a giant double-top pattern. The retest of the neckline of the double top fostered a bearish displacement to 70.20 in December.

USOil Short-term Trend: Ranging

WTI has been moving sideways on the daily chart. The market has just bounced off a support trendline with a bullish shift in market structure. The market is expected to ascend toward the upper border of the symmetrical triangle, towards 83.20.

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