USOIL Makes an Upward Correction as It Holds Above $85

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 breaks below the moving average lines as it holds above $85. On August 29, the upward correction failed to break above the 50-day line SMA. WTI declined as price broke below the moving average lines. WTI will resume selling pressure if price breaks below the current support. The index risks further decline if price bars are below the moving average lines.

USOIL Makes an Upward Correction as It Holds Above $85
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 43 of the Relative Strength Index for period 14. It is in the downtrend zone and may further decline. The index price bars are below the moving average lines indicating a possible decline. The 21-day SMA and the 50 –day SMA are sloping southward indicating the downtrend.

USOIL (WTI) Medium-term bias: Bearish
On the 3 charts, the index is in a downtrend. It fell to the low of $85.94 and resumed consolidation above the current support. Meanwhile, on the August 31 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 $86.15.

USOIL Makes an Upward Correction as It Holds Above $85
USOIL – 3 Hour Chart

3-Hour Chart Indicators Reading
WTI is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The 21-day line SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in a downward correction as it holds above $85. The index is still fluctuating above the $85 support which has been holding since August 4.

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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.