USOIL (WTI) Continuous Downward Move, Targets Level $55.14

USOIL (WTI) Continuous Downward Move, Targets Level $55.14

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is in a downward move after rejection at level $66. On March 18 downtrend; the crude Oil fell to the low of level $58.25 and resumed consolidation above it. The retraced candle body tested the 61.8% Fibonacci retracement level. This implies that USOIL will fall to level 1.618 Fibonacci extension or level $52.90.

USOIL -Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 49 of Relative Strength Index period 14. It indicates that there is a balance of supply and demand. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bearish
On the 4 hour chart, the USOIL is in a downward move since March 8. The WTI crude oil has been falling from the high of level $68. The selling pressure persisted after a retest at $66. On March 10 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the USOIL will fall to level 2.618 Fibonacci extensions or the low of $55.14.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI Crude oil has risen above the 80% range of the daily stochastic. It indicates that price has reached the overbought region. The 21-day and 50-day SMA are sloping southward indicating the downtrend.


General Outlook for USOIL (WTI)
USOIL (WTI) is in a downward move. After the March 18 downtrend, the WTI fell to $58 low. The upward correction has been retesting the $62 high to break above it. Meanwhile, according to the Fibonacci tool, the market will fall at level 2.618 Fibonacci extension or level $55.14.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.