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.
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.
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.
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