USOIL (WTI) Is in a Downtrend, Targets Level $55.52

19 March 2021 | Updated: 19 March 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 after the rejection from $68 high. The price has fallen to the low of $58.25. The price has broken the 21-day SMA and it is approaching the 50-day SMA. The selling pressure will persist if price breaks below the SMAs.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 43 of Relative Strength Index period 14. It indicates that price is in the downtrend zone and it is below the centerline 50. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bearish
On the 4 hour chart, the USOIL is in a downward move. On March 10 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the USOIL will fall to level 2.618 Fibonacci extensions or the low of $55.52.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI Crude oil has fallen below the 30% range of the daily stochastic. The crude oil is in a bearish momentum. The SMAs are sloping downward indicating the downtrend.


General Outlook for USOIL (WTI)
USOIL (WTI) is in a downward move. WTI crude oil has been trading in the overbought region. The price has fallen to the low of $58. The USOIL is now consolidating above the $58 support. The selling pressure will resume if the support is breached.


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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.