USOIL (WTI) Is in a Sideways Trend, Battles the Resistance at $73

Updated:

Key Resistance Levels: $80.00, $84.00, $88.00
Key Support Levels: $66.00,$62.200,$58.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is in a downward move as it battles the resistance at $73. After the bearish impulse of November 30, the bulls bought the dips. WTI has corrected upward but it is facing resistance at the $73 resistance. USOIL is retracing to the downside. It may reach the lows of $69 or $70. Thereafter the upward move will resume. On the upside, if price breaks above the $73 resistance, the Fibonacci tool analysis will hold. Meanwhile, on December 9 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that WTI will rise to level 1.618 Fibonacci extension or $ 78.24.

USOIL (WTI) Is in a Sideways Trend, Battles the Resistance at $73
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 43 of the Relative Strength Index for Period 14. WTI is in the downtrend zone and capable of falling on the downside. The 21-day and 50 –day SMAs are sloping downward indicating the downtrend. The 21-day SMA is acting as resistance to the bullish candlesticks.

USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, USOIL is in a sideways move. Since December 7, the bulls have been retested the overhead resistance on four occasions but are unable to breach it. On each occasion, the market would fall to the low of $69 low and resume upward.

USOIL (WTI) Is in a Sideways Trend, Battles the Resistance at $73
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below the 50% range of the daily stochastic. The market is in a bearish momentum. The 21-day line and the 50-day line SMAs are sloping horizontally indicating the sideways.

General Outlook for USOIL (WTI)
USOIL is in a downward correction as it battles the resistance at $73. The upward move is facing rejection at the high of $73. Buyers will have to push the index above the $78 high to regain bullish momentum. Presently, the index is declining to the downside.


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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.