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 uptrend as it reaches an overbought region at $116. The uptrend will continue to rise as long as the price is above the moving averages. Meanwhile, on March 3 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will rise to level l.618 Fibonacci extension or $132.58.
Daily Chart Indicators Reading:
USOIL is at level 78 of the Relative Strength Index for period 14. The index is in the overbought region of the market. Further upward move is doubtful. Sellers will emerge in the overbought region to push prices upward. WTI price is above the moving averages indicating a possible upward movement of prices. The 21-day SMA and the 50 –day SMA are sloping upward indicating the uptrend
USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index has resumed an uptrend. WTI was earlier in a sideways trend in February before the resumption of the uptrend. Meanwhile, on March 3 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index will rise to level 2.0 Fibonacci extension or $136.59.
4-hour Chart Indicators Reading
USOIL is above the 80% range of the daily stochastic. WTI is trading in the overbought region of the market. The current uptrend has reached bullish exhaustion. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for USOIL (WTI)
USOIL (WTI) is in an upward move as it reaches an overbought region at $116. The market will soon reach the overbought region. In the overbought region, USOIL will decline.
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