Market Analysis – November 3
USOil (WTI) seeks to recharge at the 80.200 price zone. On the oil market, the bulls are on a mission to reignite their strength after a significant downturn. For the first half of November, the oil price dynamics were predominantly bearish, casting a shadow over the market. However, the buyers are gearing up for a potential surprise. They have now set their sights on challenging the selling pressure at the critical 80.200 key level.
USOil (WTI) Market Zones
Resistance Zones: 95.500, 85.800
Support Zones: 74.000, 77.730
USOil (WTI) Long Term Trend: Bullish
In October, sellers seemed to gain momentum after breaking free from a prevailing trend line. Before this, WTI had been on a bullish journey, with prices moving in an upward direction. As of last week, the buyers are making strides, closing in with gains. Despite the recent surge in buying activity, it remains plausible for the oil price to put up a fight. This will help them to regain lost ground.
The MACD (Moving Average Convergence and Divergence) indicator still hints at the potential for a further push in the selling trend. On the daily chart, the bearish tendencies are still in play. It does, however, suggest that buyers will need a strong foothold to counter the prevailing selling pressure.
USOil (WTI) Short-Term Trend: Bearish
Looking at the 4-hour chart, there’s a possibility that bears could continue their dip following a phase of price consolidation. This could pose a challenge for buyers seeking to make a comeback. A further dip below the critical 80.200 price zone is a plausible scenario that traders should be prepared for.
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