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.
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.
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.
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