USOil (WTI) Sellers Want To Maintain Bearish Course

Market Analysis – November 27

USOil (WTI) sellers want to maintain a bearish course. The recent dynamics in the USOil market reveal a persistent absence of buyer activity. Unlike the bullish momentum witnessed in July, recent weeks reflect a weakened stance from buyers. The earlier bullish push, triggered by a breakthrough above the 72.440 level, propelled prices towards the key 90.000 level. However, a notable shift occurred as sellers gained control.

This has been evident in the market’s consistent trade below the 100-day SMA since November.

USOil (WTI) Key Level

Resistance Levels: 94.070, 90.400
Support Levels: 86.070, 72.440

USOil (WTI) Long-Term Trend: Bearish

The downtrend is affirmed by the current price position below the 100-day SMA, signaling a prolonged bearish phase. Despite buyer attempts to counter the selling pressure, the Stochastic Oscillator, is positioned in the middle range. Its motion suggests an uncertain future for oil prices. While the current week might conclude with modest gains, the sellers are anticipated to exert influence. The move could potentially drive prices back to the 72.440 significant level.

USOil (WTI) Short-Term Trend: Bearish

Focusing on the future, the bearish sentiment could persist into the upcoming week. This is bound to hold with a potential price decline to the aforementioned significant level. The challenge for buyers persists, and the overall outlook suggests a continued bearish trend as the year draws to a close. The drive from more sell traders will push the oil market into a bearish phase completely next week.

 

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