USOIL (WTI) Declines to $68.16 as Bears Threaten To Short
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USOIL (WTI) Declines to $68.16 as Bears Threaten To Short

Estimated Reading Time: 3 minutes
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Azeez Mustapha

Updated:

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 now in a downtrend. On October 26 uptrend, WTI attained its peak price at $84 but was resisted. Initially, USOIL slumped to $78 because of the initial resistance. Buyers pushed WTI to its peak price which resulted in further rejection. USOIL fell and broke below the moving averages. Meanwhile, on November 22 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that WTI will fall to level 1.272 Fibonacci extension or $72.38. From the price , WTI has declined beyond the Fibonacci level.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 26 of the Relative Strength Index for Period 14. WTI has fallen to the oversold region of the market. A further downward move is unlikely. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend. The moving averages are making a U-turn downward.


USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index is in a downward move as price breaks below the moving averages. The downtrend has extended to the low of $68.16. The index is likely to further declined. Meanwhile, on November 21 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that WTI will fall to level 1.618 Fibonacci extension or $68.80.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. That is, it has fallen to the oversold region of the market. The selling pressure will come to an end. USOIL has a bearish crossover. That is, the 21-day line crosses below the 50-day line SMAs which indicates a sell signal.

General Outlook for USOIL (WTI)
USOIL has been in a downward movement and the index has reached bearish exhaustion. USOIL has fallen significantly on the downside. We expect buyers to emerge in the oversold region.

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