USOIL Pushes to the Upside; Can Bulls Overcome $84 Resistance?

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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 has been in an uptrend but can bulls overcome $84 resistance?. Since December 2, the index has been on the rise. USOIL is rising to revisit the previous peak price of $84. WTI will face rejection at the recent high. The recent high has been an overbought region of the market. Since October 25, the bulls are yet to break above the recent high. 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 $81.96.

USOIL Pushes to the Upside; Can Bulls Overcome $84 Resistance?
USOIL – Daily Chart

Daily Chart Indicators Reading:
. USOIL is at level 62 of the Relative Strength Index period 14. It indicates that the altcoin is the bullish trend and capable of a further upward move. The index will continue to rise to the upside as long the 21-day and 50 –day SMAs are above the moving averages.

USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is in a smooth uptrend. USOIL price is making a series of higher highs and higher lows. The upward is facing resistance at the $80 high. The index has recovered to resume upward.

USOIL Pushes to the Upside; Can Bulls Overcome $84 Resistance?
USOIL – Daily Chart



4-hour Chart Indicators Reading
The index is below the 80% range of the daily stochastic. USOIL is in a bearish momentum. The 21-day and 50-day SMAs are sloping uptrend indicating the uptrend. The uptrend will continue to the upside as long as the bullish trend line remains unbroken.

General Outlook for USOIL (WTI)
USDOL is in an uptrend as it reaches the high of $78 but can bulls overcome $84 resistance?. Buyers are attempting to push the index to the previous high of $84. The recent high is in an overbought region of the market. The index will face another rejection at the recent high.


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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.