USOIL Is in a Sideways Trend as It Holds Above the $91.10 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: Bearish
USOIL is in an upward correction as it holds above the $91.10 low. The index breaks above the 21-day line SMA but it is below the 50-day line SMA. On the upside, if price breaks above the 50-day line SMA, the uptrend will resume. The current downtrend is likely to be terminated. WTI will rise and revisit the previous high of $123. Conversely, if sellers breach the 21-day line SMA, the index will decline to the previous low at $85. However, if the bears break below the $85 support, the downtrend will resume. In the meantime, WTI is confined between moving average lines.

Daily Chart Indicators Reading:
USOIL is at level 48 of the Relative Strength Index for period 14. It is in the downtrend zone despite the upward correction. It may decline. The index price bars are between the moving average lines indicating a possible range-bound movement of the index. The 21-day SMA and the 50 –day SMA are sloping southward indicating the downtrend.

USOIL (WTI) Medium-term bias: Bearish
On the weekly chart, the index is in a downtrend. It fell to the low of $86.98 and resumed consolidation. Meanwhile, on the July 11 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that USOIL will fall to level 1.272 Fibonacci extension or level $84.79. From the price action, WTI has retested level 1.272 Fibonacci extension and resumed upward.

Weekly Chart Indicators Reading
WTI is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. The current downtrend has reached bearish exhaustion. The 21-day line SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for USOIL (WTI)
USOIL (WTI) downtrend has reached bearish exhaustion as it holds above the $91.10 low. Buyers are expected in the oversold region to push prices upward.

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