USOIL (WTI) Quick Take – Intraday Outlook.

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Price has been on a short-term upward trend with higher highs and higher lows, but it appears that the momentum is beginning to slow down around the recent highs. The 9 EMA is flattening and the price is currently floating around it; a potentially transitional phase, as opposed to a pure trend continuation, may be underway.

Current Structure:

New push towards the area of the 97.5-97.8 was rebuffed.

Price is drifting back to the area of the 96.0

A bit of loss in bullish momentum can be observed when there are lower highs in short-term.

Bullish Scenario:

Buyers will have the opportunity to push higher again in case they protect the 95.7–96.0 support zone. A good bounce and volume would re-test 97.5+ and a pure break above that would allow the continuation.

Bearish Scenario:

In case of price break and it remains below 95.7, then it may indicate further retracement to 95.0 and below. In case of further weakness in the market below EMA, it would be a likely confirmation of a short term bearish pressure.

What to Watch:

EMA reaction

Change of structure

Consideration prior to leaping.

Personal view:

Appears to be some kind of a decision zone at the moment – not the most uncontaminated trend continuity arrangement. May or may not go depending on the price reaction at the support.