USOIL Is in a Downtrend as It May Revisit the $76 Low

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 on a downward trend as it may revisit the $76 low. As long as the price is below the moving average lines, further price decrease is probable. On the downside, USOIL will decline to its previous low of $82. The price will hit $82 until it slips beneath the moving average lines, at which point the bearish trend will accelerate. The index will be constrained to move in a band between $82 and $93 if the $82 support holds, on the other hand.

Daily Chart Indicators Reading:
As WTI crosses the Relative Strength Index level 45 for period 14, it is going downward. It implies that the index will continue to fall. The index price bars are now above the moving average lines. This explains why WTI may continue to fall. The horizontal slope of the 21-day and 50-day SMA lines suggests a sideways movement.

USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, USOIL is in a downtrend as declines below the moving average lines. In its initial decline, the market reached a low of $85 and corrected upward. The upward correction was terminated at the moving average lines which signal the resumption of selling pressure.

4-hour Chart Indicators Reading
USOIL has fallen below the 20-point daily stochastic mark. The WTI market has entered the oversold territory. There will be less pressure to sell. The decreasing slope of the moving average lines indicates a decline.

General Outlook for USOIL (WTI)
USOIL (WTI) price is below the moving average lines as it may revisit the $76 low. If the current support is broken, the current drop can go all the way down to the low of $76.

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