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 on an upward reversal as it declines to $88 low. The resistance level at $93 is the index’s first price target. Buyers are attempting to reference previous highs. At the $93 and $97 highs in previous ascents, the index was halted in its tracks. Therefore, $93 is anticipated to present resistance to the current advance. WTI, however, is presently trading in the overbought region of the market. The index’s upward trend is unlikely to continue. On the downside, USOIL will decline to its previous low of $82. The bearish momentum will reach $76 once the price breaches below the moving average lines.
Daily Chart Indicators Reading:
WTI is moving upward as it crosses level 58 of the Relative Strength Index for period 14. It suggests that the index is on the rise and might keep expanding. Currently, the moving average lines are below the index price bars. This explains why WTI might rise further. The rising slope of the 21-day and 50-day SMA lines suggests a rise.
USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, USOIL has surpassed the moving average lines. The index remains trapped at the 50-day line SMA despite sliding below the moving average lines. Bearish weariness has been achieved with the selling pressure.
4-hour Chart Indicators Reading
USOIL has dropped below the daily Stochastic level of 20. The oversold area of the market for WTI has been reached. The pressure to sell will lessen. An uptrend is shown by the moving average lines’ rising slope.
General Outlook for USOIL (WTI)
The moving average lines are still being traded above by USOIL as it declines to $88 low. This suggests a potential upward movement. However, buyers are currently having trouble because of the overbought sector of the market. As more sellers enter the market, prices will decrease.
You can purchase crypto coins here: Buy LBLOCK
Note: Learn2Trade 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
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.