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USOIL (WTI) Trades Marginally as Buyers and Sellers Reach a Period of Indecision

Azeez Mustapha
Updated 1 min read
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Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Ranging
USOIL was earlier in an uptrend. WTI faced rejection at $67.50 resistance. The market declined to a $57.50 low and resumed a range-bound move. Presently, WTI is fluctuating between levels $57.50 and $67.50. Since March 18, USOIL has been in a range-bound movement.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 46 of the Relative Strength Index 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 uptrend.

USOIL (WTI) Medium-term bias: Ranging
On the 4 hour chart, WTI price is also in a sideways trend. The market is fluctuating between levels $58 and $62. WTI price is in a choppy price action. The market is not trending. The price action is characterized by small indecisive candlesticks.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is below the 75% range of the daily stochastic. The market is in a bearish momentum The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for USOIL (WTI)
USOIL (WTI) is presently is in a range-bound. Today, WTI price is falling and it is approaching the lower price range. The price action is characterized by small body candlesticks called Doji and spinning tops. The candlesticks indicate that buyers and sellers are undecided about the direction of the market.


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