USOIL (WTI) Reaches Oversold Region as Sellers Threaten to Short

18 July 2021 | Updated: 18 July 2021

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 resumed its downward move after rejection from the $77 high. WTI faces another rejection at $75 after price is corrected to the recent high. The implication is that the downtrend will continue on the downside. 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 $61.02.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 46 of the Relative Strength Index period 14. It indicates that USOIL is in the downtrend zone below the centerline 50. The moving averages are sloping upward indicating the uptrend. The price bars are below the SMAs which suggests that the market will fall.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in a downward move. The downtrend was created after rejection from the high of $75. Meanwhile, on July 6 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will fall to level 1.618 Fibonacci extension or level $70.44.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is below the 20% range of the daily stochastic. USOIL has reached the oversold region of the market. The 21-day and 50-day SMAs are sloping downward indicating the downtrend. Buyers will emerge in the oversold region to push prices up.

General Outlook for USOIL (WTI)
USOIL (WTI) is in a downward move. The price bars are below the 21-day and 50-day SMAs which suggest further downsides. According to the Fibonacci tool, USOIL will fall to level 2.618 Fibonacci extension or level $61.02.


You can purchase crypto coins here: Buy Tokens


Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
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.