USOILl (WTI) Declines on the Downside, May Find Support Above $75

20 November 2021 | Updated: 20 November 2021

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 fallen below the moving averages. The implication is that further selling on the downside is likely. The index has fallen to the low of $75. The bears are attempting to break below the current support. The current support is the previous resistance of July 5. The selling pressure will resume if price breaks below the current support. That is, USOIL will further decline to $70.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 36 of the Relative Strength Index for Period 14. WTI is in the downtrend zone and below the centerline 50. It is also prone to a further downward move. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend. WTI price bars are below t moving averages indicating a possible downward move
. .
USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index is in a downward move. The downtrend is making lower highs and lower lows. Meanwhile, on November 18 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that WTI will fall but reverse at level 1.272 Fibonacci extension or $75.09.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI is below the 20% range of the daily stochastic. That is, it has fallen to the oversold region of the market. Buyers are expected to emerge to push prices upward. The 21-day and 50-day SMAs are sloping downward indicating a downtrend.

General Outlook for USOIL (WTI)
USDOL has been in a downward move. The selling pressure is reaching bearish exhaustion. According to the Fibonacci tool analysis, WTI will fall to level 1.272 Fibonacci extension or $75.09.

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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.