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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: Bearish
USOIL is in an upward correction as it regains bullish momentum. As WTI breaks above the 21-day line SMA, the bullish momentum will extend to the 50-day line SMA. Nonetheless, on September 29 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement implies that USOIL will rise to level 2.0 Fibonacci extension or level $89.17. On the upside, if the bulls fail to break above the 50-day line SMA, WTI will be compelled to a sideways move between the moving average lines.
Daily Chart Indicators Reading:
The upward correction has elevated WTI to reach level 48 of the Relative Strength Index for period 14. The upward correction will be accelerated as price breaks above the 21-day line SMA. The altcoin will fluctuate between the moving average lines as price bars are between the moving average lines. The moving average lines are sloping northward indicating the uptrend.
USOIL (WTI) Medium-term bias: Bullish
On the 4 charts, WTI is in an uptrend as price breaks above the moving average lines. A further upward move is doubtful as the index trades in the overbought region. On September 29 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement implies that USOIL will rise to level 2.618 Fibonacci extension or level $91.93.
4-Hour Chart Indicators Reading
The index has risen above the 80% range of the daily stochastic. USOIL is already trading in the overbought region of the market. The upward price movement will be affected as sellers emerge in the overbought region. The 21-day line SMA and the 50-day SMA have a bullish crossover. That is, the 21-day line SMA crosses above the 50-day line AMA indicating a buy order.
General Outlook for USOIL (WTI)
USOIL (WTI) surges ahead as it regained bullish momentum . WTI will resume upside momentum if it breaks above the moving average lines.
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