USOil (WTI) Price Action Retraces Support After Hitting Resistance $77.50

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Price activity on the WTI/USD market seems to have met a strong resistance, during its upside retracement. Subsequently, there has been a change of events, and price action may resume its overall moderate downtrend.

Important price Levels:
Top Levels: $80.00, $84.00, $88.00
Floor Levels: $75.85, $73.00, $70.00

USOil (WTI) Price Action Retraces Lower Levels After Hitting a Strong Resistance Near $77.50

WTI/USD Corrects off the $77.50 Resistance

A significant headwind seems to have been triggered, as soon as WTI/USD price action rose just above the MA line of the Bollinger on the daily market. Selling activities seem to have resumed during the previous session and have remained dominant in this session. Meanwhile, the MACD indicator has just given what should have been a bullish crossover, but its lines are now moving sideways. Consequently, this portrays the recent downside retracement. Also, the terminals of the Stochastic RSI curve now seem to be making a smooth turn toward the sideways direction. By implication, this is indicating a gradual decline in upward momentum and continues to point to a possible future price decline.

USOil (WTI) Price Action Retraces Lower Levels After Hitting a Strong Resistance Near $77.50

WTI/USD Downward Retracement May Be Transient

Technical indicators on the WTI/USD 4-hour market seem to Predict that downside retracement may be short. Here, the MACD Indicator lines have converged for a bearish crossover. Meanwhile, the RSI curve is now fast in the oversold: with the leading line already at the 0.00 level. Also, the last price candle on this chart has perched on the MA line as the base. Going by the RSI, and the Bollinger band, if a considerable number of traders should derive buying confidence. Price action in this market may rise toward the $80 mark, or else the WTI/USD price will fall toward the $73 mark.

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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.