USOIL (WTI) Faces Rejection at Level $74.00, Resumes Selling Pressure

Azeez Mustapha
7 August 2021 | Updated: 7 August 2021

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is in a sideways trend. The upward move has been stalled at $78. After its rejection from the $78 high, the market declined to the low of $66. The subsequent upward move has been restricted below $74. Buyers have an uphill task as they will break the resistance at $74 and $78 to resume upward. Meanwhile, on July 7 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that USOIL will fall to Level 2.618 Fibonacci extension or level $61.26.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 40 of the Relative Strength Index period 14. It indicates that WTI is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMA are sloping horizontally indicating the sideways move. The price bars are below the SMAs which suggests that
USOIL will fall.

USOIL (WTI) Medium-term bias: Bearish
On the 4 hour chart, the WTI price has continued to fall as the market reaches the oversold region. Meanwhile, on August 5 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USOIL will fall but reverse at
Level 1.272 Fibonacci extension or level $65.76.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is below the 50% range of the daily stochastic. It is in a bearish momentum. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for USOIL (WTI)
USOIL (WTI) price is in a downward move. WTI is likely to revisit the previous low before the resumption of the uptrend. According to the Fibonacci tool, USOIL will reverse at level 1.272 Fibonacci extension or level $65.76.

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Azeez Mustapha

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.