The USOil price gradually broke through the $80 resistance level. Furthermore, price action in this market has since then been making moves toward the $82 mark. However, further upside attempts made by price action in this market are looking weak. Consequently, this makes it necessary for traders to know what to expect from this market.
Major Price Levels:
Top Levels: $81.30, $82, $83
Floor Levels: $81, $80, $79
USOil Price Stays at the Reach of Tailwind
Although with low volatility, price activities in the USOil daily market are currently situated where upside forces can easily reach it. This can be seen as the last price candle on this chart is at a considerable distance above the Bollinger MA. Also, the lines of the Stochastic RSI have performed another upside crossover while still in the overbought region at 84 and 83 marks. At the same time, the MACD curves are slowly rising above the equilibrium level at 0.58 and 0.36. Consequently, price action in the USOil market seems to be holding some minimal upside promise.
USOil Lacks Significant Upside Strength at the Moment
Over the last eight hours, the USOil market has managed to record minimal profits on the 4-hour market. The last two price candles on this chart are green, and they appear above the Moving Average line of the Bollinger band indicator. However, the RSI has given a bearish crossover in the oversold region, which indicates that the price may decline. Nevertheless, the MACD lines are still above the 0.00 level, despite being at a very low altitude. Also, one can barely notice the green histogram bars of the MACD, which indicate very low upside momentum. As a result, for the time being, traders can only expect USOil to trade below $82.
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