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Market Analysis – December 21st
USOil (WTI) sellers gain momentum as buyers lose strength. The Oil price appears to be making a slight turn, with a decrease in liquidity. There also appears to be a diminishing bullish momentum that has been building up over the past few weeks.
The breakdown in USOil suggests that sellers could be gaining traction once again. The buyers have lost significant strength at the 75.740 significant level. This suggests a potential end to the lower high formation and a shift towards selling action.
USOil (WTI) Market Levels
Resistance Levels: 75.740, 80.150
Support Levels: 67.340, 72.140
The last quarter of 2023 has been dominated by the bears. It poses a serious threat to the buyers who have been trapped and unable to mount a counterattack. As sell traders gather more strength, they could challenge a dive below the 72.140 price level. It will make it increasingly difficult for the buyers to regain control.
The daily chart suggests a resurgence of sell motion, driven by a decrease in buying acceleration. The RSI (Relative Strength Index) confirms the bears’ dominance with a crossover below the 60.00 line. It signals a bearish influence for the remainder of the year as buyers lose hope of a continuation.
On the 4-hour chart, WTI oil is poised to revive the sell motion as buyers seem to have lost the strength to push the price further. Before the year comes to a close, sellers could drive the price down towards the 67.340 significant level.
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