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Are Oil Sellers Gearing up for a New Push Lower?

January 10, 2023
by Joseph Jeffriess, Market Analyst

Are oil sellers gearing up for a new push lower?

Hi traders. Thanks for tuning in for today’s update. After yesterday’s fade, oil sellers remain in control today. Today’s video looks at the price action over the last several days, focusing on yesterday’s and today’s selling.

Was yesterday’s fade a warning that we could see a new test lower by sellers? The main trendline remains intact, and we have seen the fast-up trend broken, and a new short-term downtrend starting to form.

Levels to watch:

Resistance 74.90

Support 73.15 – 71.63

A close below 74.15 could set off a new push lower, but if we see a new higher close above resistance, this could be a warning that seller numbers are not that strong.

Oil Analysis Video

Good trading, and happy Tuesday.

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