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

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

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

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 .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 .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.


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
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
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.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News