USOIL (WTI) Continues Bullish Run but Reaches the Overbought Region

23 October 2021 | Updated: 23 October 2021


Key Resistance Levels: $80.00, $84.00, $88.00
Key Support Levels: $66.00,$62.00,$58.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an upward move. Today, the index has risen to $84.15 despite the overbought condition of WTI. This recent uptrend becomes stronger after the breakout at level $76. Today, the candlesticks have strong buying pressure indicating that the current trend will continue on the upside. However, it is unclear how long the current trend will continue to rise as the index reaches the overbought region of the market.

USOIL – Daily Chart

Daily Chart Indicators Reading:
The moving averages are sloping upward indicating the uptrend. USOIL (WTI) is at level 74 of the Relative Strength Index period 14. This indicates that USOIL has reached the overbought region. The strong trend has not respected the overbought condition of the index. The bullish trend line shows the support levels of prices. The current trend is likely to continue as long as the trend line remains unbroken.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI is in a smooth uptrend, USOIL price is making a series of higher highs and higher lows. Yesterday, the uptrend was resisted at level $84, and it dropped to the support above 50-day SMA. Today, the upward move has resumed but the resistance level is yet to be broken.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The market is approaching the overbought region. The current bullish momentum is likely to subside. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is likely to continue on the upside as long as the bullish trend line remains unbroken. The bullish momentum has been consistent since August 23.

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USOIL (WTI) Surges Ahead as the Index Targets Level $86.00

16 October 2021 | Updated: 16 October 2021

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an upward move and the index has continued to rise on the upside. The current upward move becomes possible when the bulls broke the resistance at level $76. The index has risen to $82.61 at the time of writing. On the weekly chart, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 1.618 Fibonacci extension or level $100.13.

USOIL – Weekly Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. USOIL (WTI) is at level 71 of the Relative Strength Index period 14. This indicates that USOIL has reached the overbought region. The current bullish momentum may subside as sellers emerge in the overbought region.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in an upward move. On October 11, the index faced resistance at level $82.15 as WTI declined to the low of $79.40. Today the upward move has continued on the upside.
Meanwhile, on October 11 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 1.618 Fibonacci extension or level $86.14.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is above the 80% range of the daily stochastic. The index has reached the overbought region. Further upward move is doubtful as sellers emerge in the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an upward move and it has risen to level $82.47. Although the index has reached the overbought region, the uptrend may continue if the trend is strong. The bottom line is that USOIL had been rising since November 2020.

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USOIL (WTI) Reaches Bullish Exhaustion , May Face Rejection at $80.84

9 October 2021 | Updated: 9 October 2021

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an upward move. Today, WTI is trading at $79.50 at the time of writing. USOIL has been in an upward move for the past three months. According to the price indicator, USOIL is reaching bullish exhaustion. The RSI has reached level 69. Further upside is doubtful.
Meanwhile, on October 5 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USOIL will rise but reverse at level 1.272 Fibonacci extension or level $82.49.

USOIL- Daily Chart

Daily Chart Indicators Reading:
USOIL has a bullish crossover as 21-day SMA crosses above 50-day SMA. USOIL (WTI) is at level 69 of the Relative Strength Index period 14. It indicates that USOIL has reached the overbought region. The current bullish momentum is likely to subside. In the same vein, sellers are likely to emerge in the overbought region.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in an upward move. The upward move is facing rejection at the recent high. The bulls have retested level $79.76 thrice and were repelled. Meanwhile, on October 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USOIL will rise but reverse at level 1,272 Fibonacci extension or level $80.84.

USOIL – 1 Hour Chart

4-hour Chart Indicators Reading
USOIL is above the 50% range of the daily stochastic. The index is in a bullish momentum.WTI has bullish crossover. The 21-day line SMA crosses above the 50-day line SMA indicating a buy signal.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an upward move. The uptrend is reaching the bullish exhaustion. According to the Fibonacci tool, the index will rise but reverse at level 1.272 Fibonacci extension or level $80.84.




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USOIL (WTI) Is Stuck at $76.65, May Resume Selling Pressure

3 October 2021 | Updated: 3 October 2021

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an uptrend but the upward move is facing another rejection. The initial resistance at $70 has been breached as the altcoin reached the high of $75. Today, buyers are struggling to break above the $75 high. The new high is the previous historical price level of July 6. In the previous price action, the USOIL was resisted as the index dropped sharply. Meanwhile, on September 1 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 2.0 Fibonacci extension or level $78.33.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 66 of the Relative Strength Index period 14. It indicates that USOIL is in the uptrend zone and above the centerline 50. Also, the index is approaching the overbought region of the market. There is not enough room to rally on the upside. The USOIL has a bullish crossover. That is 21-day SMA crosses above 50-day SMA indicating a buy signal.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in a sideways move. The index is facing resistance at a high of $76.65. WTI is now in a sideways move because of the current resistance. Buyers have retested the overhead resistance twice to break it. Meanwhile, on September 28 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 1,618 Fibonacci extension or level $80.87.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is above the 80% range of the daily stochastic. The index has reached the overbought region of the market. Further upward move is doubtful as sellers emerge in the overbought region.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend. Further upsides are doubtful because the daily stochastic and the RSI period 14 are showing an overbought condition.

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USOIL (WTI) Surges Ahead as Bulls Attempt to Breach the $76 Overhead Resistance

25 September 2021 | Updated: 25 September 2021

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL has been in an upward move. Buyers are pushing WTI to break the previous high of $76. The uptrend is making a series of higher highs and higher lows. Since July, buyers have not been able to push above the overhead resistance. A breakout above the overhead resistance will end the current range-bound movement. Meanwhile, on September 16 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 2.0 Fibonacci extension or level $78.33. From the price action, the index is in an uptrend approaching a high of $73.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 64 of the Relative Strength period 14. It indicates that the market is in the uptrend zone and above the centerline 50. WTI is approaching the overbought region. The current bullish momentum will soon reach bullish exhaustion. The 21-day and the 50-day SMA are sloping upward indicating the uptrend. The crypto’s price is above the 21-day and the 50-day SMA which indicates a possible rise.

USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is an upward move. However, the price action is characterized by small body indecisive candlesticks called Doji. Meanwhile, on September 15 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that USOIL will fall to level 2.0 Fibonacci extension or level $78.33.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is above the 80 % range of the daily stochastic. This indicates that the market has reached the overbought region. The market has been overbought since September 22. The moving averages are sloping upward.

General Outlook for USOIL (WTI)
USOIL is in a bullish momentum. The current uptrend is expected to retest or break the overhead resistance. Unfortunately, the daily stochastic has indicated an overbought condition. The RSI is also reaching an overbought region.


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USOIL (WTI) Declines on the Downsides, Faces Rejection at Level $73

18 September 2021 | Updated: 18 September 2021

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL has been in an upward move. The index has reached the high of level $73.11 but faces resistance at the recent high. In the previous price action, WTI reached a high of $74 but faces stiff rejection. The market dropped sharply to the low of $61.50. Meanwhile, on September 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USOIL will rise but reverse at level 1.272 Fibonacci extension. From the price action, the index has resumed its downward move.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 59 of the Relative Strength period 14. It indicates that the market is in the uptrend zone and above the centerline 50. The 21-day and the 50-day SMA are sloping upward
indicating the uptrend. The crypto’s price is above the 21-day
and the 50-day SMA which indicates a possible rise.

USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is in a sideways move. Since September 15, USOIL reached the high of level $73 but faced resistance at the recent high. For the past four days, the index has been a sideways move. Meanwhile, on September 17 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 $70.32.

USOIL – 2 Hour Chart

4-hour Chart Indicators Reading
USOIL is below the 50 % range of the daily stochastic. This indicates that the market is in bearish momentum. The SMAs are sloping horizontally indicating sideways move.

General Outlook for USOIL (WTI)
USOIL is in a downward move after the rejection at level $73. According to the Fibonacci tool, the USOIL will fall to level 1.618 Fibonacci extension or level $70.32.On the daily chart, the selling pressure will resume if price breaks below the moving averages.


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USOIL (WTI) Faces Rejection at $70 as It Resumes Sideways Trend

11 September 2021 | Updated: 11 September 2021


Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an uptrend but the upward move is facing resistance at level $70. Since September 2, WTI has been in a sideways move as bulls fail to break above the $70 high. If buyers break above the resistance level, the market will rise marginally but the uptrend will be short-lived. Meanwhile, on September 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USOIL will rise but reverse at level 1.272 Fibonacci extension or level $72.72.

USOIL -Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 53 of the Relative Strength Index period 14. It indicates that USOIL is in the uptrend zone and above the centerline 50. The moving averages are sloping horizontally indicating the sideways trend. The price bars are still below the SMAs which suggests that the market will fall.

USOIL (WTI) Medium-term bias: Ranging
On the 4 hour chart, the WTI price is in a sideways move. WTI is fluctuating between levels $67 and $70. The index has been in a sideways move because of the resistance at $70. The sideways move becomes necessary as buyers fail to break the overhead resistance. Today, the altcoin is facing resistance at the recent high. WTI is likely to fall.

USOIL – 4 Hour Choir

4-hour Chart Indicators Reading
USOIL is above the 80% range of the daily stochastic. USOIL has reached the overbought region of the market. The implication is that the market will fall on the downside. The 21-day and 50-day SMAs are sloping horizontally indicating the uptrend. Sellers will emerge in the overbought region to push prices down.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend. However, the uptrend has been terminated as the index resumed sideways move. Presently, it is facing rejection at a recent high. WTI is likely to fall to the lower price range at level $67.

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USOIL (WTI) Regains Bullish Momentum, May Retest Previous High of $76

4 September 2021 | Updated: 4 September 2021


Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an uptrend. The uptrend was interrupted at the high of level $76. USOIL was compelled to resume a downward move. The downtrend has ended at level 2.618 Fibonacci extension or level $62. The market has since resumed upward. WTI’s upward move will be accelerated if price breaks above the moving averages. A retest at the $76 is likely.

USOIL – Daily Chart

Daily Chart Indicators Reading:
WTI is at level 52 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping southward indicating the uptrend.


USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in an uptrend. USOIL price has broken above the moving averages. The uptrend is facing rejection at level $70. Meanwhile, on September 2 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will rise to Level 1.618 Fibonacci extension or level $72.70.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is below the 80% range of the daily stochastic. It is in a bearish momentum. The bearish momentum has subsided. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) has resumed upward. move. The WTI has resistance at $70 to overcome before resuming the uptrend properly. According to the Fibonacci tool, the market will rise to Level 1.618 Fibonacci extension or level $72.70.


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USOIL (WTI) Breaks Above $68 High as WTI Looks Overbought

28 August 2021 | Updated: 28 August 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 is in an upward move. The index has reached a high of $68.25. The index price has broken the 21-day SMA and it is approaching the 50-day SMA. A break above the moving averages will propel the index to reach the previous highs.

USOIL – Daily Chart

Daily Chart Indicators Reading:
WTI is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day and 50-day SMAs are sloping southward indicating the uptrend.


USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in an upward move. The index price has broken above the moving averages as the market resumes an upward move. Meanwhile, on August 27 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will rise to Level 1.618 Fibonacci extension or level $59.42.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is below the 80% range of the daily stochastic. It is in a bearish momentum. This is contrary to the price action. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for USOIL (WTI)
USOIL (WTI) has resumed upward. move. According to the Fibonacci tool, the market will rise to Level 1.618 Fibonacci extension or level $59.42. Presently, the current upward is facing resistance at the high of $69.


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USOIL (WTI) Reaches the Oversold Region, May Reach the Low of $59.73

21 August 2021 | Updated: 21 August 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 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.

USOIL – Daily Chart

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.

USOIL – 4 Hour Chart

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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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

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