USOIL (WTI) In Upward Correction, May Face Rejection at Level $72.00

Azeez Mustapha
24 July 2021 | Updated: 24 July 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 downward move. WTI is correcting upward as price falls to the low of $65. The upward correction has reached the high of $72. However, USOIL is still trading in the overbought region of the market. It implies that selling pressure will resume in the overbought region. Meanwhile, on July 8 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 $61.60.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The moving averages are sloping upward indicating the uptrend. The price bars are below the SMAs which suggests that the market will fall.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is correcting upward. However, USOIL has been trading in the overbought region for the past four days. There is a tendency of the market falling in the overbought region. Meanwhile, on July 8 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 $61.60.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is above the 80% range of the daily stochastic. USOIL has reached the overbought region of the market. WTI price is likely to fall as sellers emerge in the overbought region of the market. The 21-day and 50-day SMAs are sloping upward.

General Outlook for USOIL (WTI)
USOIL (WTI) price is correcting upward. The market is likely to decline as it is in the overbought region/. According to the Fibonacci tool, USOIL will fall to level 2.618 Fibonacci extension or level $61.60.

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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.