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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 downtrend as sellers push WTI to $76 low. The current price level has pushed WTI to the oversold region of the market. The bearish trend is likely to subside. On September 14, buyers attempted to keep the price above the 21-day line SMA but were repelled. The implication is that WTI will continue to fall. It is retracing now toward the downside. The selling pressure has resumed as price breaks below the $81 support. Meanwhile, on the September 7 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that USOIL will fall to level 1.618 Fibonacci extension or level $71.67.
Daily Chart Indicators Reading:
The index is at level 42 of the Relative Strength Index for period 14. It is in the downtrend zone and has continued to decline. WTI’s price bars are below the moving average lines indicating a possible decline. The moving average line is sloping southward indicating the downtrend.
USOIL (WTI) Medium-term bias: Bearish
On the 4 charts, the index is in a downtrend as it declines to the low of $76 . The upward correction reached the overbought region of the market which caused it to decline, The index price breaks below the moving average lines and the current support at $76.
4-Hour Chart Indicators Reading
WTI is below the 20% range of the daily stochastic. It indicates that the market is in a bearish momentum. However, the selling pressure has reached the oversold region. 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 downtrend as sellers push WTI to $76 low. Sellers have breached the support at $81 as the market reaches a low of $76. The uptrend may resume as buyers emerge in the oversold region.
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