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

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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.

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

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.

USOIL Faces Rejection at the Recent High as It Revisits the $87.60 Low
USOIL – 4 Hour Chart

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.


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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.