USOIL (WTI) Price Falls Marginally, Targets $65.77 Low


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 has continued its downward move. WTI has earlier fallen to the low of $66 on two occasions but the price corrected upward. Following the correction to $69, on August 11, the selling pressure resumed in earnest. WTI fell to $66 lows and resume upward. The upward move has been terminated. Meanwhile, on July 7 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 $61.26.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 42 of the RSI period 14. It indicates that WTI is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways move. The price bars are below the SMAs which suggests that USOIL will fall.

USOIL (WTI) Medium-term bias: Bearish
On the 4 hour chart, the WTI price is in a downward move. USOIL price corrected to $69 and then resume a downward move. Meanwhile, on August 5 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USOIL will fall but reverse at Level 1.272 Fibonacci extension or level $65.77.

USOIL – 4 hour Chart

4-hour Chart Indicators Reading
USOIL is below the 50% range of the daily stochastic. It is in a bearish momentum. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for USOIL (WTI)
USOIL (WTI) price has continued to fall. WTI is expected to fall and reached the low of $65.77. The WTI has been trading marginally. According to the Fibonacci tool, the market will reverse at level 1.272 Fibonacci extension.

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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.