USOIL Holds Above $92.96 as Bears Threaten to Break Below It

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 is in a downtrend as bears threaten to break below it .The index’s price broken below the moving averages for the second time. In the previous bearish impulses, the market has been holding above the $92.96 low. Today, if the bears break below the moving averages, the market will decline to the previous low at $92.96. On the other hand, if the index holds above the moving averages, WTI will rise to the high of $115.

USOIL Holds above $92.96 as Bears Threaten to Break Below It
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 48 of the Relative Strength Index for period 14. It indicates that WTI is in the downtrend zone and below the centerline 50. The index is capable of a further upward move. The 21-day SMA and the 50 –day SMA are sloping horizontally indicating a sideways move.The index price is below the moving averages indicating a possible fall to the downside.

USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index has been in a downward move since April 18. On April 19, WTI declined to the low of $101 and resumed fluctuation above the current support. Meanwhile, on April 19 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 $96.84.

USOIL Holds above $92.96 as Bears Threaten to Break Below It
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI is below the 40% range of the daily stochastic. The index is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating a sideways trend. WTI price is below the moving averages indicating a further downward move.

General Outlook for USOIL (WTI)
USOIL (WTI) is in a downtrend as bears threaten to break below it. The bears are attempting to break below the moving averages. This will sustain the bearish momentum. The market will resume a sideways move if the $92.96 support holds.


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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.