USOIL (WTI) Faces Rejection at $70 as It 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 but the upward move is facing resistance at level $70. Since September 2, WTI has been in a sideways move as bulls fail to break above the $70 high. If buyers break above the resistance level, the market will rise marginally but the uptrend will be short-lived. 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 or level $72.72.

USOIL -Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 53 of the Relative Strength Index period 14. It indicates that USOIL is in the uptrend zone and above the centerline 50. The moving averages are sloping horizontally indicating the sideways trend. The price bars are still below the SMAs which suggests that the market will fall.

USOIL (WTI) Medium-term bias: Ranging
On the 4 hour chart, the WTI price is in a sideways move. WTI is fluctuating between levels $67 and $70. The index has been in a sideways move because of the resistance at $70. The sideways move becomes necessary as buyers fail to break the overhead resistance. Today, the altcoin is facing resistance at the recent high. WTI is likely to fall.

USOIL – 4 Hour Choir

4-hour Chart Indicators Reading
USOIL is above the 80% range of the daily stochastic. USOIL has reached the overbought region of the market. The implication is that the market will fall on the downside. The 21-day and 50-day SMAs are sloping horizontally indicating the uptrend. Sellers will emerge in the overbought region to push prices down.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend. However, the uptrend has been terminated as the index resumed sideways move. Presently, it is facing rejection at a recent high. WTI is likely to fall to the lower price range at level $67.

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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.