USOIL Consolidates Above $95 Support, Risks Further Decline $87 Low

Updated:

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 price has broken below the moving averages as the index risks further decline $87 low. WTI is in the bearish trend zone and may further decline to the downside. The price is making a series of lower highs and lower lows. Meanwhile, on March 29 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the index will fall to level 1.618 Fibonacci extension or level $87.77.

USOIL Consolidates Above $95 Support, Risks Further Decline $87 Low
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 44 of the Relative Strength Index for period 14. The index is in the downtrend zone and capable of falling to the downside. The index price bars are below the moving averages indicating a further downward movement of the USOIL. The 21-day SMA and the 50 –day SMA are sloping upward indicating the previous trend.

USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index has continued its downward move. The price bars are below the moving averages which act as resistance to price. Meanwhile, on March 31 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the index will fall to level 1.618 Fibonacci extension or level $95.50.

USOIL Consolidates Above $95 Support, Risks Further Decline $87 Low
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI is above the 40% range of the daily stochastic. The market is resuming bullish momentum. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in a downtrend but the selling pressure has subsided as the index risks further decline $87 low. The uptrend will resume if price breaks above the moving averages and the bullish momentum is sustained.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.