USOil (WTI) Sellers Shake Buyers Off Momentum

Market Analysis – December 8th

USOil (WTI) sellers shake buyers and off momentum. According to technical analysis, the oil market has seen a shift in momentum from sellers to buyers. The sellers had been in control for a while, but since October, the buyers have started to gain ground.

Before that, the buyers had a bullish spike for the quarter starting in June. They managed to push the price up from the key level of 69.170 to a high of 95.200.

USOil (WTI) Key Levels

Resistance Levels: 89.770, 89.520
Support Levels: 72.570, 66.930

USOil (WTI) Long Term Trend: Bearish

However, the buyers faced resistance at the market level of 96.000, and as a result, the bears started to regain control. The bearish momentum has been strong, and the price has been dropping. The bears’ target is to reach the significant level of 66.930, which was a key zone where buyers gained strength before their rally in June.

Currently, the buyers are facing a pullback, and the Stochastic Momentum index indicates that they are just reentering the market. This suggests that it may take some time for the sellers to reach their goal. The MACD Moving Average crossing is widening, indicating that the sellers remain confident.

USOil (WTI) Short-Term Trend: Bearish

In the short time frame, it appears that the buyers are making a comeback, but the rally is not yet in their favor. The bears are still determined to push the price down to a significant level of 66.930.

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