US OIL maintains bullish bias as on 23rd May 2022


Weekly Time Chart (US OIL) - 23.05.2022

On the weekly time frame, if we compare the price chart with MACD, there is a formation of a higher high, and no divergence is seen between them which means there is a high probability of further upside in the crude oil prices.

The first level support zone is between 101.25-104.56followed by 92.50

Daily Time Chart (US OIL) - 23.05.2022

On the daily basis, it has maintained the higher high and higher low pattern which supports the bullish point of view. A break above112.20 will push the price higher toward the next fib level resistance zone between 121.68-126.68

4-Hour Time Chart (US OIL) - 23.05.2022

On H4, it has created a higher high and a successful retest of Fibonacci retracement of 61.98%. All looks good for the oil bulls until it stays above the recent low formed at 105

 A weekly close below 101.25 will invalidate the bullish view.