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 but the upward move is facing resistance at level $70. Since September 2, WTI has been in a sideways move as bulls fail to break above the $70 high. If buyers break above the resistance level, the market will rise marginally but the uptrend will be short-lived. Meanwhile, on September 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USOIL will rise but reverse at level 1.272 Fibonacci extension or level $72.72.
Daily Chart Indicators Reading:
USOIL (WTI) is at level 53 of the Relative Strength Index period 14. It indicates that USOIL is in the uptrend zone and above the centerline 50. The moving averages are sloping horizontally indicating the sideways trend. The price bars are still below the SMAs which suggests that the market will fall.
USOIL (WTI) Medium-term bias: Ranging
On the 4 hour chart, the WTI price is in a sideways move. WTI is fluctuating between levels $67 and $70. The index has been in a sideways move because of the resistance at $70. The sideways move becomes necessary as buyers fail to break the overhead resistance. Today, the altcoin is facing resistance at the recent high. WTI is likely to fall.
4-hour Chart Indicators Reading
USOIL is above the 80% range of the daily stochastic. USOIL has reached the overbought region of the market. The implication is that the market will fall on the downside. The 21-day and 50-day SMAs are sloping horizontally indicating the uptrend. Sellers will emerge in the overbought region to push prices down.
General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend. However, the uptrend has been terminated as the index resumed sideways move. Presently, it is facing rejection at a recent high. WTI is likely to fall to the lower price range at level $67.
You can purchase crypto coins here: Buy Tokens
Note: Learn2Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.