USOIL (WTI) Faces Rejection at $66 High, Resumes Sideways Trend

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 in an uptrend. The current uptrend reached the high of $67.50 and was resisted. This has been the price action since March 8. Each time USOIL is resisted, the market will fall either to $58 or $60 low. Presently, WTI crude oil is falling after reaching the recent high.

Daily Chart Indicators Reading:
USOIL (WTI) is at level 58 of the Relative Strength Index period 14. It indicates that USOIL is in an uptrend and above the centerline 50. The moving averages are sloping upward indicating the uptrend. The WTI price is above the SMAs which suggests that the market will rise.

USOIL (WTI) Medium-term bias: Ranging
On the 4 hour chart, the WTI price is in a sideways move since May 4. Buyers are yet to break the resistance at $66, each time the recent high is retested. For the past month, WTI crude oil fluctuates between $62 and $66. The market is falling as it tested the resistance level. USOIL will trend once the resistance is breached and the bullish momentum is sustained.

4-hour Chart Indicators Reading
WTI price is below the 80% range of the daily stochastic. The market is now in a bearish momentum. Sellers are likely to emerge to push prices down. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in a sideways move below the resistance at level $66. Today, the bulls fail to break the resistance as the sideways trend resumes. The market has fallen but it is testing the 21-day SMA. The selling pressure will resume once price breaks below the SMAs.


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