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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 a downtrend but it may face rejection at level 111.42. Presently, the uptrend is reaching the overbought region of the market. Sellers will emerge in the overbought region of the market. Meanwhile, on June 22 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement suggests that WTI will fall to level 1.618 Fibonacci extension to level or $87.73.
Daily Chart Indicators Reading:
USOIL is at level 47 of the Relative Strength Index for period 14. The index is in the downtrend zone but it is approaching the bullish trend zone.WTI price is below the 21-day SMA and the 50 –day SMA which indicates a possible decline. The moving averages are sloping downward indicating the downtrend.
USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is in an uptrend as price breaks above the 21-day line SMA. The uptrend will continue if price breaks above the 50-day line SMA. WTI will decline if the index turns from the 50-day line SMA. A break below the 21-day line SMA signals the resumption of the downtrend.
4-hour Chart Indicators Reading
WTI is above the 80% range of the daily stochastic. The market has reached the overbought region. The current uptrend may face rejection at the recent high. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for USOIL (WTI)
USOIL (WTI) is in an upward correction as it may face rejection at level 111.42. USOIL is still in a downward correction. The selling pressure may resume if the index faces rejection at the recent high.
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