Category: US Oil

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is in a downward move. WTI is correcting upward as price falls to the low of $65. The upward correction has reached the high of $72. However, USOIL is still trading in the overbought region of the market. It implies that selling pressure will resume in the overbought region. Meanwhile, on July 8 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that USOIL will fall to level 2.618 Fibonacci extension or level $61.60.

Daily Chart Indicators Reading:
USOIL (WTI) is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The moving averages are sloping upward indicating the uptrend. The price bars are below the SMAs which suggests that the market will fall.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is correcting upward. However, USOIL has been trading in the overbought region for the past four days. There is a tendency of the market falling in the overbought region. Meanwhile, on July 8 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that USOIL will fall to level 2.618 Fibonacci extension or level $61.60.

4-hour Chart Indicators Reading
WTI price is above the 80% range of the daily stochastic. USOIL has reached the overbought region of the market. WTI price is likely to fall as sellers emerge in the overbought region of the market. The 21-day and 50-day SMAs are sloping upward.

General Outlook for USOIL (WTI)
USOIL (WTI) price is correcting upward. The market is likely to decline as it is in the overbought region/. According to the Fibonacci tool, USOIL will fall to level 2.618 Fibonacci extension or level $61.60.

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Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bearish
USOIL has resumed its downward move after rejection from the $77 high. WTI faces another rejection at $75 after price is corrected to the recent high. The implication is that the downtrend will continue on the downside. Meanwhile, on July 7 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that USOIL will fall to level 2.618 Fibonacci extension or level $61.02.

Daily Chart Indicators Reading:
USOIL (WTI) is at level 46 of the Relative Strength Index period 14. It indicates that USOIL is in the downtrend zone below the centerline 50. The moving averages are sloping upward indicating the uptrend. The price bars are below the SMAs which suggests that the market will fall.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in a downward move. The downtrend was created after rejection from the high of $75. Meanwhile, on July 6 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will fall to level 1.618 Fibonacci extension or level $70.44.

4-hour Chart Indicators Reading
WTI price is below the 20% range of the daily stochastic. USOIL has reached the oversold region of the market. The 21-day and 50-day SMAs are sloping downward indicating the downtrend. Buyers will emerge in the oversold region to push prices up.

General Outlook for USOIL (WTI)
USOIL (WTI) is in a downward move. The price bars are below the 21-day and 50-day SMAs which suggest further downsides. According to the Fibonacci tool, USOIL will fall to level 2.618 Fibonacci extension or level $61.02.


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Last Updated: July 18th, 2021

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Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an uptrend. WTI has risen to an overbought region of the market. The RSI indicated an overbought region of the market as USOIL rises to $75.10. The implication is that the upward rally is likely to subside on the upside.

Daily Chart Indicators Reading:
USOIL (WTI) is at level 72 of the Relative Strength Index period 14. It indicates that USOIL has reached the overbought region of the market. Sellers will emerge at the overbought region to push prices down. The moving averages are sloping upward indicating the uptrend. The price bars are still above the SMAs which suggests that the market will rise.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in an upward move. The market has earlier reached the high of $76 and pulled back. The WTI price pulled back to resume consolidation above $75 support. Meanwhile, on July 1 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 1.618 Fibonacci extension or level 78.14.

4-hour Chart Indicators Reading
WTI price is below the 80% range of the daily stochastic. The market is in a bearish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. Later, sellers will emerge in the overbought region to push prices down.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend. Recently, the market pulled back because WTI reached the overbought region of the market. USOIL will resume an upward move if it finds support above level $75.00


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Last Updated: July 3rd, 2021

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Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is falling. The upward move reached the high of level 72.96 and was resisted. The WTI retraced to level 70 and found support above it. There are bullish signals above the current support indicating a possible uptrend. The market is currently consolidating above level 70.00 for a possible upward move.

Daily Chart Indicators Reading:
USOIL (WTI) is at level 66 of the Relative Strength Index period 14. It indicates that USOIL is in an uptrend zone. It is approaching the overbought region of the market. The moving averages are sloping upward indicating the uptrend. The WTI price is still above the SMAs which suggests that the market will rise.

USOIL (WTI) Medium-term bias: Bearish
On the 4 hour chart, the WTI price is in a downward move. WTI is falling as price faces rejection at level 72.10. Meanwhile, on June 16 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that USOIL will fall to level 2.0 Fibonacci extension or level 69.71.

4-hour Chart Indicators Reading
WTI price is sloping below the 80% range of the daily stochastic. The market is a bearish momentum. The 21-day and 50-day SMAs are sloping upward indicating the previous uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in a downtrend. The upward move is facing rejection as crude oil resumes a downward move. According to the Fibonacci tool, the market will decline to level 69.71.



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Author : Azeez Mustapha

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Author: Azeez Mustapha

Last Updated: June 19th, 2021

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

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