USOIL Retraces as Sellers Attempt to Break below the $81 Support

Updated:

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 attempt to break below the $81 support. 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 will resume if 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.

USOIL Retraces as Sellers Attempt to Break below the $81 Support
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL 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 $81 as bulls bought the dips. The upward correction was stalled at the moving average lines. WTI is now fluctuating below the moving average lines. The selling pressure will resume if WTI turns down from the moving average lines.

 USOIL Retraces as Sellers Attempt to Break below the $81 Support
USOIL – 4 Hour Chart

4-Hour Chart Indicators Reading
WTI is above the 70% range of the daily stochastic. It indicates that the market is in a bullish momentum. However, the upward move has been stalled. 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 downward move as sellers attempt to break below the $81 support. The upward correction has been hindered at the moving average lines. WTI may be compelled to decline to the previous low.


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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.