USOIL Makes an Upward Correction As It Holds Above $86

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


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 has resumed selling pressure as it holds above $86. The index may revisit the previous low at $75 if price breaks below the moving average lines. Nonetheless, on September 8 downtrend, WTI made an upward correction and a candle body tested the 61% Fibonacci retracement level. The correction implies that USOIL will fall to level 1,618 Fibonacci extension or level $71.09.

USOIL Makes an Upward Correction As It Holds Above $86
USOIL – Daily Chart

Daily Chart Indicators Reading:
WTI is in a downward move as it reaches level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The index price bars are now between the moving average lines. USOIL may be compelled to a range-bound move as price breaks below the 50-day line SMA. The 21-day line SMA and the 50-day line SMA are sloping southward indicating a downtrend.


USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, USOIL is in a downtrend as price breaks below the moving average lines. The index reached the low of $86.50 but pulled back. On October 11 downtrend, the index made an upward correction and a candle body tested the 61.8% Fibonacci retracement level. The correction implies that USOIL will fall to level 1.618 Fibonacci extension or level $86.62.

USOIL Makes an Upward Correction As It Holds Above $86
USOIL – 4 Hour Chart

4-Hour Chart Indicators Reading
USOIL is in a bullish momentum above the 25% range of the daily stochastic. The index has earlier reached an oversold region of the market. Buyers are emerging to push prices upward.


General Outlook for USOIL (WTI)
USOIL (WTI) has resumed a downtrend as it holds above $86. The index is holding above the $86 support and may be compelled to a range-bound move for a few days.


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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.