USOIL Struggles below $115 Resistance, May Reach the High of $126
Login

USOIL Struggles below $115 Resistance, May Reach the High of $126

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

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 has continued its sideways move but may the high of $126. Since March, the index has been in a sideways move below the $115 resistance level. The market will resume an uptrend if the bulls break the resistance at $115. Meanwhile, on May 18 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that WTI will rise to level 1.618 Fibonacci extension. From the price action, the bulls are attempting to break above the resistance at $115. A break out will propel the index to reach the high of $129.

USOIL Struggles below 5 Resistance, May Reach the High of 6
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 61 of the Relative Strength Index for period 14. The index is trading in the bullish trend zone but faces resistance at the recent high. The 21-day SMA and the 50 –day SMA are sloping horizontally indicating a sideways trend.

USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index is in an upward move as buyers attempt to keep the price above the $115 resistance. The index is presently trading in the overbought region of the market. Therefore the current uptrend may face rejection at the recent high. Meanwhile, on May 26 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement. The retracement indicates that WTI will rise to level 1.272 Fibonacci extension or $116.36.

USOIL Struggles below 5 Resistance, May Reach the High of 6
USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI is above the 80% range of the daily stochastic. The market has reached the overbought region The uptrend will soon reach bullish exhaustion. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. WTI price bars are above the moving averages indicating an uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an upward move as it may reach the High of $126. The market has reached the overbought region. WTI’s upward move has reached bullish exhaustion. Further upward move is doubtful.

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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • 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
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News