USOIL Retraces Above $104 Support, May Revisit the High of $108

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 price is in an uptrend but may revisit the high of $108. Today, the index is retracing after facing rejection twice at the recent high. The market will resume a fresh uptrend if the index retraces and finds support above the moving averages. However, if price breaks below the moving averages, the downtrend will resume. In previous price action, the bears broke below the moving averages and reached the low of $102.

USOIL Retraces above $104 Support, May Revisit the High of $108
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 52 of the Relative Strength Index for period 14. It indicates that WTI is in the uptrend zone but it is retracing from the recent high. The index will rise again if it finds support above the moving averages. Presently, 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 horizontally indicating a sideways move.

USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index has been in an upward move as it reached the high of $108. Meanwhile, on April 26 downtrend; a retraced candle body tested the 50 Fibonacci retracement level. The retracement suggests that the index will rise to level 2.0 Fibonacci extension or level $108.01. From the price action, the index retested the high of $108 but reached an overbought region. The market is declining from the previous high.

USOIL Retraces above $104 Support, May Revisit the High of $108
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI is below the 80% range of the daily stochastic. The index is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating a sideways trend. WTI price bars are above the moving averages indicating a possible.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend but may revisit the high of $108. There is a possibility of a further upward move as the index trades in the bullish trend zone.


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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.