USOIL Faces Rejection at the Recent High as It Revisits $87.60 Low

Service for copy trading. Our Algo automatically opens and closes trades.

The L2T Algo provides highly profitable signals with minimal risk.

24/7 cryptocurrency trading. While you sleep, we trade.

10 minute setup with substantial advantages. The manual is provided with the purchase.

79% Success rate. Our outcomes will excite you.

Up to 70 trades per month. There are more than 5 pairs available.

Monthly subscriptions begin at £58.

L2T Algo

TELEGRAM

RESULTS

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 revisits the $87.60 low. The implication is that the selling pressure will resume retesting the current support at $87.60. The downtrend will resume when price breaks below the current support. Meanwhile, on June 22 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that USOIL will fall to level 1.618 Fibonacci extension or $87.81. From the price action, WTI has retested the Fibonacci extension but attempts to decline further.

Daily Chart Indicators Reading:
USOIL is at level 37 of the Relative Strength Index for period 14. It is in the downtrend zone but approaches the oversold region of the market. 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 downward correction but fluctuates between the moving average lines. On the downside, the selling pressure will resume if price breaks below the 21-day line. Similarly, the upward move will resume if price breaks above the 50-day line SMA. In the meantime, WTI is confined between the moving average lines.

4-hour Chart Indicators Reading
WTI is below the 60% 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 downtrend as it revisits the $87.60 low. WTI is fluctuating above the current support at $87 support.


You can purchase crypto coins here: Buy LBlock



Note: Learn2Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results