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.
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.
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
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
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
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
