USOIL (WTI) Breaks Above $68 High as WTI Looks Overbought

Azeez Mustapha
28 August 2021 | Updated: 28 August 2021

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is in an upward move. The index has reached a high of $68.25. The index price has broken the 21-day SMA and it is approaching the 50-day SMA. A break above the moving averages will propel the index to reach the previous highs.

USOIL – Daily Chart

Daily Chart Indicators Reading:
WTI is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day and 50-day SMAs are sloping southward indicating the uptrend.


USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in an upward move. The index price has broken above the moving averages as the market resumes an upward move. Meanwhile, on August 27 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will rise to Level 1.618 Fibonacci extension or level $59.42.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is below the 80% range of the daily stochastic. It is in a bearish momentum. This is contrary to the price action. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for USOIL (WTI)
USOIL (WTI) has resumed upward. move. According to the Fibonacci tool, the market will rise to Level 1.618 Fibonacci extension or level $59.42. Presently, the current upward is facing resistance at the high of $69.


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Azeez Mustapha

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.