USOil (WTI) Remains Under Pressure As Sellers Dominate Price Action

Market Analysis – March 21

USOil remains under pressure as sellers continue to dominate the price action. The 9-day Simple Moving Average (SMA) at $67.250 serves as dynamic resistance, hindering any upward movement. The MACD (Moving Average Convergence Divergence) indicator reflects weak bullish momentum, with the MACD line positioned below the signal line, reinforcing a bearish outlook. This indicates that the recent price recovery lacks sufficient strength, and further declines are probable unless momentum improves.

USOil Key Levels

Resistance Levels: $77.260, $80.730, $84.490
Support Levels: $67.070, $65.290, $61.760

USOil Long-Term Trend: Bearish

The price action outlines a distinct descending trendline, indicating lower highs and continued bearish pressure. A recent attempt to break above the $68.290 level was unsuccessful, reinforcing the prevailing downward trajectory. Support levels at $67.070 and $65.290 remain critical, and a breach of these points could lead to further losses.
Should the bearish momentum persist, USOil might revisit the $61.760 support zone. If this level fails to hold, the market could experience a deeper downturn. A bullish reversal would necessitate a breakout above the descending trendline, although current technical signals suggest continued downside. Traders relying on forex signals may find these levels crucial for decision-making.

USOil Short-Term Trend: Bearish

USOil is currently trading below the bearish order block near the $70.00 mark, indicating strong resistance ahead. The 9-day SMA at $67.880 continues to act as dynamic resistance, adding to the bearish sentiment.
A drop below the $67.070 support could trigger a move toward $65.290 and potentially $61.760. Inability to break above the order block heightens the risk of continued downward pressure.

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