USOIL Makes an Upward Correction as It Holds Above $85
Login

USOIL Makes an Upward Correction as It Holds Above $85

Estimated Reading Time: 2 minutes

Azeez Mustapha

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.

You can purchase crypto coins here: Buy LBLOCK


Note: Learn2Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News