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 WTI risks a possible decline. Since January 18, the upward move has been facing resistance. On January 19, WTI was repelled at the $87.90 high. The index declined to the low of $83 and resumed a fresh uptrend. Today, WTI is still facing rejection at the recent high. Further upward move is doubtful as the market reaches the overbought region.
Daily Chart Indicators Reading:
WTI is at level 70 of the Relative Strength Index period 14. The market has reached the overbought region. The index is likely to decline to the downside. The index price is still above the 21-day SMA and 50 –day SMA which indicates a further upward move. The downtrend will resume if price breaks below the moving averages.
USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is in an uptrend. Since January 26, the uptrend is facing resistance. WTI is now in a sideways trend below $87.92. Meanwhile, on January 26 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that USOIL will rise but reverse at level 1.272 Fibonacci extension or $89.12.
4-hour Chart Indicators Reading
WTI is above the 30% range of the daily stochastic. It is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for USOIL (WTI)
USOIL has reached the overbought region of the market and WTI risks a possible decline. . The price movement is facing rejection at the recent high. USOIL is already in a sideways trend as a result of recent rejection.
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