USOIL Faces Stiff Rejection at $93 as It Declines to $88 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: Bullish
USOIL is on an upward reversal as it declines to $88 low. The resistance level at $93 is the index’s first price target. Buyers are attempting to reference previous highs. At the $93 and $97 highs in previous ascents, the index was halted in its tracks. Therefore, $93 is anticipated to present resistance to the current advance. WTI, however, is presently trading in the overbought region of the market. The index’s upward trend is unlikely to continue. On the downside, USOIL will decline to its previous low of $82. The bearish momentum will reach $76 once the price breaches below the moving average lines.

USOIL Faces Stiff Rejection at $93 as It Declines to $88 Low
USOIL – Daily Chart

Daily Chart Indicators Reading:
WTI is moving upward as it crosses level 58 of the Relative Strength Index for period 14. It suggests that the index is on the rise and might keep expanding. Currently, the moving average lines are below the index price bars. This explains why WTI might rise further. The rising slope of the 21-day and 50-day SMA lines suggests a rise.

USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, USOIL has surpassed the moving average lines. The index remains trapped at the 50-day line SMA despite sliding below the moving average lines. Bearish weariness has been achieved with the selling pressure.

USOIL Faces Stiff Rejection at $93 as It Declines to $88 Low
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL has dropped below the daily Stochastic level of 20. The oversold area of the market for WTI has been reached. The pressure to sell will lessen. An uptrend is shown by the moving average lines’ rising slope.

General Outlook for USOIL (WTI)
The moving average lines are still being traded above by USOIL as it declines to $88 low. This suggests a potential upward movement. However, buyers are currently having trouble because of the overbought sector of the market. As more sellers enter the market, prices will decrease.


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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.