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

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.



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.

Do you want to take your trading to the next level? Join the best platform for that here.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

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.

Leave a Reply

Your email address will not be published. Required fields are marked *