USOIL (WTI) Faces an Uphill Task as It Battles Resistance at $68

7 May 2021 | Updated: 7 May 2021

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

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an uptrend. WTI recently is in an upward move and price is currently retesting the resistance at $66. The market is falling on the downside as a result of the rejection. In the previous rejection, the market fell to $58 low. The bulls bought the dips as the WTI resumed upward.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) has risen to level 58 of the Relative Strength Index period 14. It indicates that USOIL is in an uptrend and above the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. Presently, the WTI has a bullish crossover as the 21-day SMA crosses over the 50-day SMA. This is a buy signal.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in an uptrend but the uptrend is facing rejection at $66. The market is also in a downward move as crude oil faces rejection. On May 5 uptrend a retraced candle body tested the 50% Fibonacci extension. The retracement indicates that the market will rise to level 2.0 Fibonacci extension or the high of $70.45.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is above the 25% range of the daily stochastic. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend but the crude oil is facing rejection at level $66. The Fibonacci tool indicated an upward of crude oil. The crude oil is likely to rise as it trades in the bullish trend zone.

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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.