USOIL Rebounds above $104 but It Is Stuck Below $114

Updated:

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 broken above the moving averages as it is stuck below $114. WTI is likely to rise to the upside as price is above the moving averages. Meanwhile, on March 24 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the index will rise but reverse at level 1.272 Fibonacci extension or level $121.83. From the price action, USOIL is rising to revisit the previous high at $129.42.

USOIL Rebounds above $104 but It Is Stuck Below $114
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 58 of the Relative Strength Index for period 14. WTI is in the uptrend zone as it continues to rise to the upside. The index price is above the moving averages indicating a possible rise in prices. The 21-day SMA and the 50 –day SMA are sloping upward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bullish
On the 1-hour chart, the index is in an upward move. The current uptrend is facing resistance at a high of $114. Since March 25, WTI has been fluctuating below the recent high. The uptrend will resume if price breaks the recent high. Meanwhile, on March 25 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the index will rise but reverse at level 1.272 Fibonacci extension or $115.28.

USOIL Rebounds above $104 but It Is Stuck Below $114
USOIL – 1 Hour Chart

4-hour Chart Indicators Reading
WTI is above the 80% range of the daily stochastic. The index has reached the overbought region of the market. Sellers will emerge to push prices downward. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is now in the bullish trend zone as it is stuck below $114. WTI is likely to rise to revisit the previous high at $129.42. Because of the overbought condition, USOIL will decline to the low of $108 or above the moving averages.

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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.