USOIL Slumps as It Faces Further Rejection at $76
Login

USOIL Slumps as It Faces Further Rejection at $76

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

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 on the decrease as it faces further rejection at $76. The index is currently falling as a result of resistance at the 21-day line SMA. As it decreases, the selling pressure has returned. WTI reversed its bearish trend on November 28 and retraced the body of its candle to test the 61.8% Fibonacci retracement line. The adjustment foresaw that USOIL would decrease to $62.06 or the value represented by the 1.618 Fibonacci extension.

USOIL Slumps as It Faces Further Rejection at
USOIL – Daily Chart

Daily Chart Indicators Reading:
According to the Relative Strength Index for period 14, WTI is at level 41. The index is still going down and may keep going down. Now that the index price bars are below the moving average lines, a further decrease is predicted. The decreasing slope of the moving average lines indicates a decline.

USOIL (WTI) Medium-term bias: Bearish
As the index slips between the moving average lines, USOIL is in decline. The price bars are between the moving average lines. When the moving average lines are crossed, WTI will trend. The index is currently finding support above the 21-day line SMA.

USOIL Slumps as It Faces Further Rejection at
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI is below the daily Stochastic level of 20. Bearish weariness has been reached in the present slide. From the oversold area, buyers are moving in to drive prices upward. The price bars are between the moving average lines, suggesting that the index may move in a range.

General Outlook for USOIL (WTI)
The price of USOIL (WTI) is declining and faces a potential drop as it faces further rejection at $76. The downward move is likely as the index slumps after retesting the resistance at $76 which was the previous support.

You can purchase crypto coins here: Buy LBLOCK


Note: Learn2Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News