USOIL (Wti) Reaches an Oversold Region as Buyers Emerge

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 has been in a downward move. WTI ‘s downtrend has reached bearish exhaustion. The market has declined to the previous low of $62.46 as bulls bought the dips. On August 20, USOIL fell to the same price level as the index rebounded above the current support. Meanwhile, on November 4 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that WTI will fall to level 2.618 Fibonacci extension or $65.25. From the price action, WTI is fluctuating above the Fibonacci extension.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 30 of the Relative Strength Index for Period 14. The index has reached the oversold region of the market. The selling pressure has reached bearish exhaustion. The 21-day and 50 –day SMAs are sloping downward indicating the downtrend.

USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index is falling and it is in a descending channel. WTI’s price broke the 21-day SMA and pulled back to resume selling pressure. The selling pressure will continue if price breaks below the $64 support.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below the 80% range of the daily stochastic. The market is in a bearish momentum. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend.

General Outlook for USOIL (WTI)
USOIL is still in a downward correction. The selling pressure has reached bearish exhaustion as the market reaches the oversold region.


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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.