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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 it revisits the previous low at $83.76.The index fell to the low of $85.74 and pulled back. The upward correction is facing resistance at the 21-day line SMA. The 21-day line SMA has been acting as a resistance to the price bars. Today, the bulls are retesting the 21-day line SMA to break above it. A break above the moving average lines will signal the resumption of the uptrend.
Daily Chart Indicators Reading:
USOIL is at level 41 of the Relative Strength Index for period 14. It is in the downtrend zone and may further decline. The index price bars are below the moving average lines indicating a further downward movement of the index. The 21-day SMA and the 50 –day SMA are sloping southward indicating the downtrend.
USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index is in a downtrend but it is confined between the moving average lines. The index will further decline if price breaks below the 21-day line SMA. Meanwhile, on August 5 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that USOIL will fall to level 1.272 Fibonacci extension or level $83.76.
4-hour Chart Indicators Reading
WTI is below the 80% range of the daily stochastic. It indicates that the market is in a bearish momentum. 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 it revisits the previous low at $83.76. According to the Fibonacci tool analysis, WTI will fall and reverse at a level of $83.76. In the meantime, WTI is fluctuating between the moving average lines.
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