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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 is falling. The upward move reached the high of level 72.96 and was resisted. The WTI retraced to level 70 and found support above it. There are bullish signals above the current support indicating a possible uptrend. The market is currently consolidating above level 70.00 for a possible upward move.
Daily Chart Indicators Reading:
USOIL (WTI) is at level 66 of the Relative Strength Index period 14. It indicates that USOIL is in an uptrend zone. It is approaching the overbought region of the market. The moving averages are sloping upward indicating the uptrend. The WTI price is still above the SMAs which suggests that the market will rise.
USOIL (WTI) Medium-term bias: Bearish
On the 4 hour chart, the WTI price is in a downward move. WTI is falling as price faces rejection at level 72.10. Meanwhile, on June 16 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that USOIL will fall to level 2.0 Fibonacci extension or level 69.71.
4-hour Chart Indicators Reading
WTI price is sloping below the 80% range of the daily stochastic. The market is a bearish momentum. The 21-day and 50-day SMAs are sloping upward indicating the previous uptrend.
General Outlook for USOIL (WTI)
USOIL (WTI) is in a downtrend. The upward move is facing rejection as crude oil resumes a downward move. According to the Fibonacci tool, the market will decline to level 69.71.
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