USOIL Corrects Upward as It Moves toward the $93 High

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Key Resistance Levels: $80.00, $84.00, $88.00
Key Support Levels: $66.00,$62.200,$58.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an upward correction as it moves toward the $93 high. The index’s first target price is the resistance at $93. The past highs are being tried to be referenced by buyers. The index was stopped in its tracks during prior ascents at the $93 and $97 highs. Therefore, the current uptrend is likely to face resistance at $93. WTI is currently trading, however, in the overbought area of the market. It is unlikely that the index will continue to rise. USOIL will drop to its prior low of $82 on the downside. As the price breaks below the moving average lines, the bearish momentum will increase to $76.

USOIL Corrects Upward as It Moves toward the $93 High.
USOIL – Daily Chart

Daily Chart Indicators Reading:
As WTI crosses Relative Strength Index level 57 for period 14, it is going upward. It implies that the index is in an uptrend and could continue to grow. The index price bars are currently above the moving average lines. This explains why WTI may continue to increase. The 21-day and 50-day SMA lines have an upward slope, indicating an increase.

USOIL (WTI) Medium-term bias: Bearish
USOIL has crossed over the moving average lines on the 4-hour chart. As sellers start to appear, the upward movements have entered the overbought zone. A candle body tested the 50% Fibonacci retracement level on the rally of November 2. The retracement predicts that USOIL will increase to level $93, or level 2.0 Fibonacci extension.

USOIL Corrects Upward as It Moves toward the $93 High.
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
Above the daily Stochastic’s 80% range, USOIL has a bullish momentum. The increasing slope of the moving average lines indicates an uptrend.

General Outlook for USOIL (WTI)
As it crosses above the moving average lines, USOIL (WTI) is increasing. A high of $93 is most expected for the current upward trend. However, the overbought area of the market is currently posing a problem for buyers. Prices will drop as sellers enter the market.


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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.