USOIL/ Decline inside the Regression Channel
Technical Analysis
The price action suggests a potential bullish trend, particularly if it can break out of the descending channel and surpass the resistance level of 70.49, confirmed by a 4-hour candle close above this level. Such a breakout would indicate strong buying momentum, paving the way for an upward movement toward 71.78, with further potential to reach 72.74 as the next resistance level.
Conversely, the bearish trend will remain dominant as long as the price continues trading within the descending channel and stays below 70.49. Should the price breach the support level at 68.53, this would reinforce the selling pressure, increasing the likelihood of a further decline toward the 67.03 level, which serves as a key lower support zone.
Key Levels:
Pivot Point: 70.49
Resistance Levels: 70.49, 71.78, 72.74
Support Levels: 68.53, 67.03, 65.85
Trend Outlook:
Bearish Momentum
The price action suggests a potential bullish trend, particularly if it can break out of the descending channel and surpass the resistance level of 70.49, confirmed by a 4-hour candle close above this level. Such a breakout would indicate strong buying momentum, paving the way for an upward movement toward 71.78, with further potential to reach 72.74 as the next resistance level.
Conversely, the bearish trend will remain dominant as long as the price continues trading within the descending channel and stays below 70.49. Should the price breach the support level at 68.53, this would reinforce the selling pressure, increasing the likelihood of a further decline toward the 67.03 level, which serves as a key lower support zone.
Key Levels:
Pivot Point: 70.49
Resistance Levels: 70.49, 71.78, 72.74
Support Levels: 68.53, 67.03, 65.85
Trend Outlook:
Bearish Momentum
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