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 in an uptrend since December 2 but faces rejection at $94.63. On February 4, the index rallied to a high of $93.14 and pulled back to the low of $88.53. The upward move has begun as price breaks the recent high. Meanwhile, on February 4 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 $99.97. From the price action, the index has reached a high of $94.24 after breaking above the recent high.
Daily Chart Indicators Reading:
USOIL is at level 74 of the Relative Strength Index for period 14. Since January 18, WTI has been trading in the overbought region of the market. Further upward movement of the index is doubtful. The index price is still above the 21-day SMA and 50 –day SMA indicating a further upward move of WTI.
USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is in an uptrend. The bulls have broken the resistance at $92 as it reached the high of $94.63.
In the previous price action, the index was rejected at $92 which caused it to decline to a low of $89. Today, the uptrend has reached an overbought region at $94.
4-hour Chart Indicators Reading
USOIL 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 upward indicating the uptrend.
General Outlook for USOIL (WTI)
WTI has reached an overbought but faces rejection at $94.63. There is a pullback from the previous high. Further upward move is doubtful as the RSI reaches level 74.
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