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 has been in an uptrend but faces rejection at $87.50. It is retracing after breaking above the overhead resistance. The index reached the overbought region of the market. It is facing rejection at $87.50 high. The overhead resistance has not been broken because the index has reached the overbought region. Meanwhile, on December 9 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that WTI will rise to level 2.0 Fibonacci extension or $81.51.
Daily Chart Indicators Reading:
Because of earlier retracement, USOIL has fallen to level 66 of the Relative Strength Index period 14. It indicates that the index is in the uptrend zone and capable of rising to the upside. The index price is above the 21-day SMA and 50 –day SMA which indicates a further upward move. The index has a bullish crossover as the 21-day SMA crosses above the 50 –day SMA indicating buy order.
USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is in an uptrend. The index price is making a series of higher highs and higher lows. Presently the uptrend has been terminated as price breaks below the moving averages and the bullish trendline.
4-hour Chart Indicators Reading
The index is above the 30% range of the daily stochastic. The market is in a bullish momentum. The upward movement will resume. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The uptrend has been terminated as price bars are below the moving averages.
General Outlook for USOIL (WTI)
USDOL has reached the overbought region of the market but faces rejection at $87.50. The market is retracing from the overbought region. The uptrend will resume after a minor retracement.
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