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.
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.
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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