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
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.