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 a smooth uptrend as it reaches an overbought region at $93.14. The upward move has continued unabated after breaking the resistance at level $84.63. Today, the USOIL uptrend has reached the high of $93.14 and pulled back. The upward movement will continue as long as the price bars are above the moving averages. The index has also reached the overbought region of the market.
Daily Chart Indicators Reading:
WTI is at level 72 of the Relative Strength Index for period 14. The market has reached the overbought region. The index is likely to decline to the downside. The index price is still above the 21-day SMA and 50 –day SMA which indicates a further upward move. The downtrend will resume if price breaks below the moving averages. In other words, below the bullish trend line.
USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is in an uptrend. The market reached the high of $93.14 and it is retracing to the downside. WTI has reached an overbought region of the market. The market will decline to the low of $88.
4-hour Chart Indicators Reading
WTI 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)
USOIL is declining as it reaches an overbought region at $93.14 .WTI is trading in the overbought region of the market . Further upward move is unlikely. USOIL is likely to retrace to the low of $83.76.
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