USOil (WTI) Strongly Rebounds From Bullish Order Block Support

Market Analysis – August 1

USOil is strongly rebounding from bullish order block support, with the market showing signs of renewed bullish momentum after a corrective pullback. The 9-day Simple Moving Average (SMA), positioned at $67.20, serves as dynamic support and aligns closely with the current price action, suggesting a potential reversal from the ongoing consolidation phase. The Relative Strength Index (RSI), hovering around the 51 mark, indicates a neutral-to-bullish sentiment, providing sufficient room for further upward movement without signaling overbought conditions.

USOil Key Levels

Resistance Levels: $72.20, $80.70, $84.50
Support Levels: $65.30, $55.20, $52.00

USOil Long-Term Trend: Bullish

From a technical standpoint, price recently tested and respected the highlighted bullish order block, resulting in a rejection wick that signals strong demand within that area. The support structure around $65.30 has remained intact, and the current daily candle suggests that buyers are gaining strength. Although the market previously struggled to breach the $72.20 resistance level, the pattern of higher lows and persistent rejections from below indicates a possible breakout attempt in the upcoming bullish leg.

Considering the combination of bullish technical signals and price reactions at critical support levels, USOil is expected to resume its upward movement in the short-to-medium term. A successful rally could drive the price toward the $72.20 resistance area. If bullish momentum continues beyond this level, the next technical target would be around $80.70. Maintaining a firm hold above $67.20 is crucial to confirm this bullish outlook, with forex signals favoring a continued upward trajectory.

USOil Short-Term Trend: Bullish

USOil is demonstrating bullish potential on the 4-hour chart, having recently retraced into a well-defined order block between $65.30 and $67.20. This zone aligns with previous demand levels and corresponds with the 9-period SMA at $68.70, which is likely to act as dynamic support.

Price action is currently forming a potential reversal pattern, supported by a bullish divergence in RSI emerging from the oversold region. A confirmed rebound from this area could trigger a move toward the $72.20 resistance level in the near term.

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