USOIL Is in a Negative Trend as It Risks Further Decline to $61

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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: Bearish
USOIL is on a decline as it risks further decline to $61. Since September 26, the $76 support has been in place. WTI will, however, continue to go to the downside given the present collapse. WTI reversed its downward trend on November 28 and tested the 61.8% Fibonacci retracement level with a retraced candle body. According to the correction, USOIL would drop to the level of the 1.618 Fibonacci extension, or $61.97.

USOIL Is in a Negative Trend as It Risks Further Decline to $61
USOIL – Daily Chart

Daily Chart Indicators Reading:
The Relative Strength Index for period 14 shows WTI at level 30. The oversold area of the market has been reached by the index. Now that the index price bars are below the moving average lines, a further decrease is indicated. A downtrend is indicated by the southward sloping 21-day and 50-day SMA lines.

USOIL (WTI) Medium-term bias: Bearish
USOIL is in a downtrend on the 4-hour chart as it is falling below the moving average lines. Before breaching below the moving average lines, buyers tested the $82 resistance on two occasions. The moving average lines are rejecting WTI.

USOIL Is in a Negative Trend as It Risks Further Decline to $61
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
Below the daily stochastic mark’s level of 40, USOIL is experiencing a bearish momentum. A downtrend is indicated by the price bars’ position below the 21-day and 50-day moving average lines.

General Outlook for USOIL (WTI)
USOIL (WTI) price is once again under selling pressure as it risks further decline to $61. USOIL has dropped to a low of $71 and could go lower yet.

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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.