USOil (WTI) Remains Under Bearish Pressure

Market Analysis – March 7

USOil remains under bearish pressure as lower highs and lower lows continue to form. The 9-period SMA (Simple Moving Average) is positioned at $68.580, acting as dynamic resistance and keeping price action below it. The MACD (Moving Average Convergence Divergence) remains deep in bearish territory, with both the MACD line (-0.44) and the signal line (-1.49) reflecting strong downward momentum. This suggests that selling pressure is dominant, with no signs of bullish divergence emerging yet. Without a significant increase in buying volume, momentum continues to favor the bears.

USOil Key Levels

Resistance Levels: $77.260, $84.490, $87.600
Support Levels: $67.100, $65.300, $61.760

USOil Long-Term Trend: Bearish

Price action indicates a consistent downtrend, characterized by lower highs and lower lows, respecting a descending trendline. The key resistance zone is around $68.580–$67.900, which previously served as support but has now turned into resistance. The price is currently testing the $67.070–$65.290 support zone, with bearish candles forming below this level. If the price fails to reclaim the trendline or break above the SMA, further downside movement is expected.

Given the prevailing bearish structure, USOil is likely to retest the trendline as it continues its downward trajectory. If sellers maintain control, the next major target is $61.760, a critical support level. Any short-term bounce will likely face rejection at the diagonal resistance. Overall, the market remains in a strong downtrend, reinforcing the potential for further declines.

USOil Short-Term Trend: Bullish

The 9-period SMA at $66.520 is acting as dynamic resistance, yet price is showing signs of recovery above the $65.290 support level. The MACD histogram is becoming lighter, signaling weakening bearish momentum, while the signal line is flattening out. A successful pullback could initiate a bullish move toward the descending trendline near $72.00. Additionally, traders may consider forex signals to identify potential market opportunities. If buyers sustain momentum, prices could challenge higher resistance zones, confirming a short-term bullish reversal.

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