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USOIL Resumes Downward Correction as It Holds Above $90.54

Azeez Mustapha
Updated 1 min read
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UOIL Resumes Downward Correction as It Holds Above $90.54

Key Resistance Levels: $80.00, $84.00, $88.00
Key Support Levels: $66.00,$62.200,$58.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is in a downtrend as it holds above $90.54. WTI price is making a series of lower highs and lower lows. Each lower high is higher than the previous high. Today, the index is making a lower high of $101.87. USOIL will resume an uptrend if price breaks the lower high of $101.87. WTI is trading at $98.28 at the time of writing.

UOIL Resumes Downward Correction as It Holds Above $90.54
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 44 of the Relative Strength Index for period 14. It is in the downtrend zone and capable of further decline. The 21-day SMA and the 50 –day SMA are sloping southward indicating the downtrend.WTI price is below the 21-day SMA and the 50 –day SMA which indicates a possible downward move.


USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index is in a downtrend as price breaks below the moving average lines. Since July 14, the downtrend has subsided as the index hold above the $90.54 support. The selling pressure will resume if price breaks below the current support.

UOIL Resumes Downward Correction as It Holds Above $90.54
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI is below the 80% range of the daily stochastic. The index is in a bearish momentum. The 21-day line SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in a downward move as it holds above $90.54.The upward move is hindered by the 21-day line SMA. The uptrend will resume if price breaks above the 21-day line SMA or the $101.87 resistance.


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