{"id":5890,"date":"2024-09-20T11:47:31","date_gmt":"2024-09-20T11:47:31","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=5890"},"modified":"2025-05-14T09:03:22","modified_gmt":"2025-05-14T09:03:22","slug":"usoil-sep-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/usoil-sep-2024\/","title":{"rendered":"Iceberg Ahead: WTI Crude (USOIL) Veering Into Resistance"},"content":{"rendered":"\n

WTI Crude oil (USOIL) has seen bearish price action for the past 3 months, consistently forming lower highs on its pullbacks.<\/p>\n\n\n\n

As the price trails up again, you have to wonder if we are headed for another collision course. Or will the USOIL not behave like the titanic, and safely cruise into higher highs?<\/p>\n\n\n\n

Bearish Scenario: USOIL Gets Rejected, but Could Form a \u201cW\u201d<\/strong><\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

As of now, before the NY Market Open, the USOIL price has seen a slight relief across 7 trading days. Despite this, the asset is technically still in a downtrend.<\/p>\n\n\n\n

Nevertheless, USOIL is grinding up towards an overhead \u201ciceberg\u201d, which could offer some temporary resistance. This \u201ciceberg\u201d is a combination of the 4-Hour EMA 200<\/a>, a daily fair value gap, and the 0.768 Fibonacci retracement level.<\/p>\n\n\n\n

Furthermore, it\u2019s also a zone that previously acted as support, which would now be turned resistance, from approximately $71.45 to $72.93.<\/p>\n\n\n\n

IF USOIL gets rejected here, <\/strong>we could see prices decline back to previous lows at approximately $65.29 \u2013 which could potentially offer a bounce. In such a scenario, a \u201cW\u201d double bottom pattern may emerge on USOIL, but that remains to be seen in the coming weeks.<\/p>\n\n\n\n

The alternative bounce zone would be at $69.07, which is a value area low from an Anchored Volume Profile drawn from December 2023. This level would be visible in the chart below.<\/p>\n\n\n\n

Bullish Breakout Scenario Could Take USOIL Back to $80.00<\/strong><\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Using the anchored volume profile tool, we can find the key areas of interest from traders since December last year. With this, we\u2019re able to discover several interesting levels to watch.<\/p>\n\n\n\n

The first being the value area low (VAL) at $69.07. In the scenario where price does not get rejected back down to approx. $65, the VAL would be the key area to watch.<\/p>\n\n\n\n

However, the other bullish scenario would be a breakout, and support flip of $71.45 to $72.93. <\/p>\n\n\n\n

From there, USOIL could make a run for its previous high, its point of control, or even the significant resistance zone at $80.00 dollars.<\/p>\n\n\n\n

Support Levels to Watch on USOIL:<\/strong>
\u2022 Value Area Low: Approx. $69.07
\u2022 Previous Lows: Approx. $65.29<\/td><\/tr>
Resistance Levels to Watch on USOIL:<\/strong>
\u2022 Collection of resistances: Approx. $71.45 to $72.93
\u2022 Previous High: Approx. $77.48
\u2022 Point of Control (Area with Biggest Trading Volume): Approx. $78.35
\u2022 Significant Resistance in 2024: Approx. $79.00 – $80.00<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

You may also be interested in:<\/em><\/strong><\/p>\n\n\n\n

Is it a Bull Trap: S&P 500 Retesting All-Time Highs<\/a><\/p>\n\n\n\n

Fed Cuts Deep, BoE Stays Cool<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WTI Crude Oil is approaching major resistances, but the prices have been suppressed for a while. Is it finally time for a breakout?<\/p>\n","protected":false},"author":159,"featured_media":5891,"parent":0,"comment_status":"closed","ping_status":"closed","template":"","market_insights_categories":[18],"class_list":["post-5890","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-chart-of-the-day"],"acf":[],"yoast_head":"\nIceberg Ahead: WTI Crude (USOIL) Veering Into Resistance - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"WTI Crude Oil is approaching major resistances, but the prices have been suppressed for a while. 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