USOIL Pushes to the Upside as It Struggles Below $111.15 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 price is in an uptrend since April 26 but struggles below $111.15 high. The index price broke above the moving averages. This is an indication that the market will rise to the upside in the bullish trend zone. Meanwhile, on April 29 uptrend; a retraced candle body tested the 61.8 Fibonacci retracement level. The retracement suggests that the index will rise to level 1.618 Fibonacci extension or level $115.63. From the price action, the market has reached a high of $110.49.

USOIL Pushes to the Upside as It Struggles Below $111.15 High
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 60 of the Relative Strength Index for period 14. It indicates that WTI is in the uptrend zone as it continues to make an upward move to the previous highs. The price bars are above the moving averages indicating a possible rise in the index. The 21-day SMA and the 50 –day SMA are sloping upward indicating the uptrend.
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USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index is making an upward move. The uptrend is facing an initial resistance at the high of $111.00. Since May 5, the bulls have been struggling to break above the resistance level. Meanwhile, on May 5 uptrend; a retraced candle body tested the 61.8 Fibonacci retracement level. The retracement suggests that the index will rise to level 1.618 Fibonacci extension or level $116.15. From the price action, the bulls are yet to break the initial resistance level.

USOIL Pushes to the Upside as It Struggles Below $111.15 High
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI is above the 70% range of the daily stochastic. The index is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. WTI price bars are above the moving averages indicating a possible rise in the index.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend as it revisits the previous high of $129.00 but struggles below $111.15 high. The current uptrend is stalled below the $111.00 high. The index will resume an uptrend when the resistance level is breached

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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.