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

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 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.

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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.