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 is in a downward move as price reaches the low of $61.92. The downtrend has been ongoing since July 6. On August 9, the WTI made an upward correction to $69 high which was repelled. This correction signal another round of selling pressure. Meanwhile, on August 9 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 $59.73.
Daily Chart Indicators Reading:
WTI is at level 28 of the RSI period 14. It indicates that the market has reached the oversold region. This is an indication that the selling pressure is reaching exhaustion. In other words, buyers are likely to emerge in the oversold region. The 21-day and 50-day SMAs are sloping southward indicating the downtrend.
USOIL (WTI) Medium-term bias: Bearish
On the 4 hour chart, the WTI price is in a downward move. The selling pressure was accelerated as price was rejected at the $69 and $67 highs. Meanwhile, on August 9 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 $59.42.
4-hour Chart Indicators Reading
USOIL is below the 20% range of the daily stochastic. It is in a bearish momentum. Also, the market reached the oversold region. The downtrend is about to end. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.
General Outlook for USOIL (WTI)
USOIL (WTI) downtrend has reached the oversold region. The downtrend has been ongoing for the past two months. According to the Fibonacci tool, the market will fall to Level 1.618 Fibonacci extension or level $59.42.
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