USOIL Retraces to $105 Low as It Resumes Uptrend at $104

Updated:

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.


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 is trading in the bullish trend zone as it resumes uptrend at $104. Today, the index is rising as the selling pressure subsides. Meanwhile, on March 8 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the index will rise to level 2.618 Fibonacci extension or $191.07.

USOIL Retraces to $105 Low as It Resumes Uptrend at $104
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL has fallen to level 58 of the Relative Strength Index for period 14. Despite the retracement, the index is still in the uptrend zone. It is capable of a further upward move. 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: Bearish
On the 4-hour chart, the index is in a downtrend. After the price slump on March 9, WTI is resuming a sideways move. It may decline in the overbought region of the market. Meanwhile, on March 9 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will fall to level 1.618 Fibonacci extension or $88.85.

USOIL Retraces to $105 Low as It Resumes Uptrend at $104
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI is above the 80% range of the daily stochastic. WTI is trading in the overbought region of the market. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is retracing as it resumes uptrend at $104. The index is likely to retrace before a resumption of an upward move.

You can purchase crypto coins here: Buy LBlock

Note: Learn2Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.