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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 downward move as it holds above $108.00. The bears broke below the moving averages but the WTI price finds support above the 50-day line moving average. The implication is that the index may resume a sideways move between the 21-day line SMA and 50-day line SMA. WTI will resume trending when the moving average lines are breached. In the meantime, the selling pressure has been stalled above the 50-day line moving average.
Daily Chart Indicators Reading:
USOIL is at level 42 of the Relative Strength Index for period 14. The index has fallen to the bearish trend zone but will further decline if price breaks below the 50-day line moving average. WTI is between 21-day SMA and the 50 –day SMA which indicates range bound move.
USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index has been in a downward move as price broke below the moving averages. The downtrend has reached bearish exhaustion as price falls to the oversold region of the market. Meanwhile, on June 16 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that WTI will fall to level 1.618 Fibonacci extension or $106.06. From the price action, the index has declined to level 108.34 and resumed upward.
4-hour Chart Indicators Reading
WTI is below the 20% range of the daily stochastic. The price bars are below the moving averages. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for USOIL (WTI)
USOIL (WTI) is in a downtrend as it holds above $108.00. The downtrend has fallen to the oversold region as per the daily stochastic indicator. WTI is likely to resume an upward move as buyers emerge in the oversold region.
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