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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
On July 19, USOIL is in a downtrend as it declines to level $87.74. The downtrend will resume if the bears break below the current support at $95.38. Meanwhile, on June 22 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement suggests that WTI will fall to level 1.618 Fibonacci extension or $87.74. From the price action, WTI has fallen to the low of $94.26 and it is retesting the current support.
Daily Chart Indicators Reading:
USOIL is at level 38 of the Relative Strength Index for period 14. It is in the downtrend zone and capable of further decline. WTI price is below the 21-day SMA and the 50 –day SMA which indicates a possible fall. The moving averages are sloping downward indicating the downtrend.
USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index is in a downtrend as price breaks below the moving average lines. The index fluctuates below the moving average lines as it declines. It will further decline to the downside if the current support is breached.
4-hour Chart Indicators Reading
WTI is below the 20% range of the daily stochastic. The market has reached the oversold region. The current downtrend is likely to subside as the market reaches the oversold region. The 21-day line SMA and 50-day SMA are sloping downward indicating the downtrend.
General Outlook for USOIL (WTI)
USOIL (WTI) has fallen to the oversold region of the market as it declines to level $87.74. There is a likelihood of buyers being attracted at the lower levels of prices.
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