USOIL Technical Analysis: Consolidation Phase with Key Levels

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USOIL Technical Analysis: Consolidation Phase with Key Levels

WTI CRUDE OIL TVC:USOIL

SroshMayi

Technical Analysis of USOIL

Current Price Action:

- The price is currently trading around 78.88, showing consolidation between the levels of 79.49 and 77.94.

- There appears to be a strong supply zone around the 79.49 level, which has acted as resistance recently.

Key Levels:

- Resistance Levels:

- 79.49: Immediate resistance.

- 80.73: Next resistance level above the current price.

- 82.24: Strong resistance level further above.

- 86.86: Major resistance level.

- Support Levels:

- 77.94: Immediate support.

- 75.35: Next support level below the current price.

- 69.78: Strong support level further below.

Bearish Scenario:

- If the price fails to break above the 79.49 resistance level and falls below 77.94, it could signal a continuation of the bearish trend.

- A break below 75.35 would confirm further downside, potentially targeting the strong support at 69.78.

Bullish Scenario:

- If the price breaks above the 79.49 resistance level, the next target would be 80.73.

- Sustained movement above 80.73 could lead to further gains towards 82.24 and eventually 86.86.

Outlook:

- Currently, the price is in a consolidation phase within the 77.94 to 79.49 range. A break in either direction would determine the next trend.

- Given the recent strong bullish movement, if the price can stabilize above 79.49, it could indicate a continuation of the bullish trend. However, if it remains below 79.49 and falls below 77.94, a bearish correction could be expected.

In summary, closely monitoring the price action around the key levels of 79.49 (resistance) and 77.94 (support) will be crucial in predicting the next move for USOIL.