USOil (WTI) Setting Up For Bullish Recovery Above Key Supports
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USOil (WTI) Setting Up For Bullish Recovery Above Key Supports

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Azeez Mustapha

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Market Analysis – August 22

USOil is setting up for a bullish recovery above key supports. The daily chart indicates momentum leaning toward a bullish rebound, supported by technical indicators. The 9-day Simple Moving Average at $63.10 has turned into dynamic support, with price holding above it after the recent bounce. The Stochastic Oscillator is climbing from oversold territory, currently at 43.58 and 30.89, suggesting strengthening bullish momentum and room for further upside. This alignment between moving averages and oscillators supports the case for continued upward movement.

USOil Key Levels

Resistance Levels: $65.30, $72.20, $80.70
Support Levels: $61.50, $55.20, $52.00
USOil (WTI) Setting Up For Bullish Recovery Above Key Supports

USOil Long-Term Trend: Bullish

USOil recently rebounded from the $61.50–$62.80 zone, showing strong buyer interest at this level. The rebound confirms the zone as a valid order block, with price now advancing toward the $65.30 resistance. A decisive close above $65.30 would shift short-term structure firmly bullish and open the path to higher targets. Historical reactions show this zone has acted as both resistance and support, reinforcing its importance in the current setup.

Looking ahead, the bullish trajectory is expected to extend toward $72.20, the next significant resistance. A successful breach of $65.30 would confirm continuation of the upward momentum. If buyers maintain control, the $70.50 intermediate level may act as a minor hurdle before $72.20 comes into play. Overall, the technical structure suggests USOil is setting up for a bullish drive with $72.20 as the primary target, while the outlook remains positive as long as price holds above $61.50.
USOil (WTI) Setting Up For Bullish Recovery Above Key Supports

USOil Short-Term Trend: Bullish

On the four-hour chart, USOil shows price rebounding strongly from the $61.50–$62.80 zone, signaling renewed buyer activity. The 9-period SMA at $63.40 is acting as dynamic support, with price trading above it and maintaining steady bullish momentum.

The Stochastic Oscillator is currently overbought at 90.76 and 87.75, suggesting potential short-term consolidation before continuation. Overall, a sustained move above $65.30 would confirm bullish strength and open the path toward $70.50. For traders, monitoring forex signals in line with this technical setup may provide timely opportunities for entry.

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