USOIL (WTI) Declines on the Downsides, Faces Rejection at Level $73

18 September 2021 | Updated: 18 September 2021

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

USOIL (WTI) Long-term Trend: Bullish
USOIL has been in an upward move. The index has reached the high of level $73.11 but faces resistance at the recent high. In the previous price action, WTI reached a high of $74 but faces stiff rejection. The market dropped sharply to the low of $61.50. Meanwhile, on September 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USOIL will rise but reverse at level 1.272 Fibonacci extension. From the price action, the index has resumed its downward move.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 59 of the Relative Strength period 14. It indicates that the market is in the uptrend zone and above the centerline 50. The 21-day and the 50-day SMA are sloping upward
indicating the uptrend. The crypto’s price is above the 21-day
and the 50-day SMA which indicates a possible rise.

USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is in a sideways move. Since September 15, USOIL reached the high of level $73 but faced resistance at the recent high. For the past four days, the index has been a sideways move. Meanwhile, on September 17 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will fall to level 1.618 Fibonacci extension or level $70.32.

USOIL – 2 Hour Chart

4-hour Chart Indicators Reading
USOIL is below the 50 % range of the daily stochastic. This indicates that the market is in bearish momentum. The SMAs are sloping horizontally indicating sideways move.

General Outlook for USOIL (WTI)
USOIL is in a downward move after the rejection at level $73. According to the Fibonacci tool, the USOIL will fall to level 1.618 Fibonacci extension or level $70.32.On the daily chart, the selling pressure will resume if price breaks below the moving averages.


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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.