USOIL (WTI) Continues Bullish Run but Reaches the Overbought Region

Updated:


Key Resistance Levels: $80.00, $84.00, $88.00
Key Support Levels: $66.00,$62.00,$58.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an upward move. Today, the index has risen to $84.15 despite the overbought condition of WTI. This recent uptrend becomes stronger after the breakout at level $76. Today, the candlesticks have strong buying pressure indicating that the current trend will continue on the upside. However, it is unclear how long the current trend will continue to rise as the index reaches the overbought region of the market.

USOIL – Daily Chart

Daily Chart Indicators Reading:
The moving averages are sloping upward indicating the uptrend. USOIL (WTI) is at level 74 of the Relative Strength Index period 14. This indicates that USOIL has reached the overbought region. The strong trend has not respected the overbought condition of the index. The bullish trend line shows the support levels of prices. The current trend is likely to continue as long as the trend line remains unbroken.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI is in a smooth uptrend, USOIL price is making a series of higher highs and higher lows. Yesterday, the uptrend was resisted at level $84, and it dropped to the support above 50-day SMA. Today, the upward move has resumed but the resistance level is yet to be broken.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The market is approaching the overbought region. The current bullish momentum is likely to subside. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is likely to continue on the upside as long as the bullish trend line remains unbroken. The bullish momentum has been consistent since August 23.

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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.