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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 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.
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.
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.
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