Market Analysis – January 17
USOil retains bullish momentum amid strong technical indicators. The RSI indicator hovers at 64.10, signaling bullish momentum while remaining below overbought conditions, suggesting potential for further upside. The 9-day SMA is positioned at $76.30, supporting the price’s upward movement as WTIUSD trades above it, indicating strong buying pressure.
USOil Key Levels
Resistance Levels: $80.70, $84.50, $87.60
Support Levels: $72.80, $67.10, $65.30
USOil Long-Term Trend: Bullish
The price action shows a clear bullish break of structure above $77.60, accompanied by the formation of an order block between $74.00 and $76.30. This region serves as a demand zone, reinforcing the likelihood of bullish continuation. The breakout above the buy-side liquidity around $77.60 indicates that buyers are in control. Strong support at $72.80 further strengthens the upward trajectory.
The projection for WTI remains bullish, with a potential retracement to the $76.30 demand zone before resuming upward movement. If bullish momentum continues, the price could retest the $80.70 resistance and extend toward the $84.50 resistance. Any dip below $72.80 might signal a temporary pause in the bullish trend.
USOil Short-Term Trend: Bullish
WTIUSD maintains a bullish structure on the four-hour chart, with prices consolidating above key support at $77.60. The 9-period SMA at $79.20 acts as dynamic resistance, but the RSI at 60.46 suggests sufficient bullish momentum for further upside. A potential retracement to the Fibonacci 0.786 level at $74.60 could offer buying opportunities before a continuation toward the $80.70 resistance. A breakout above $80.70 would pave the way for higher levels, such as $84.50.
Investors closely monitoring forex signals alongside traditional assets may find opportunities to capitalize on these market movements.
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