USOIL (WTI) Finds Support Above $80, a Retest at the $85 Resistance Is Likely


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 but it is in a sideways move below the $85 resistance level. Since October 26, the uptrend has been interrupted as the market fluctuates between $78.50 and $85. In other words, WTI price is between the two moving averages. The index is above the 50-day SMA but below the 21-day SMA. A break above the 21-day SMA will signal the resumption of the uptrend. Similarly, a break below the 50-day SMA will cause the index to fall.

USOIL – Daily Chart

Daily Chart Indicators Reading:
WTI price is between the two moving averages indicating a possible fluctuation of prices. USOIL is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.

USOIL (WTI) Medium-term bias: Ranging
On the 4-hour chart, the index is in a sideways trend. Since October 25, the bulls have failed to keep the price above the $85 overhead resistance. Today, buyers are recouping above level $80 for a possible upward move. Meanwhile, on November 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that WTI will fall but reverse at level 1.272 Fibonacci extension or $79.01.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. The stochastic bands are sloping horizontally in the oversold region. The uptrend will resume when buyers emerge in the oversold region. The 21-day and 50-day SMAs are sloping horizontally indicating a sideways trend.

General Outlook for USOIL (WTI)
USDOL is still in a sideways trend. The overhead resistance at $85 is yet to be broken. WTI is trading at $80.82 at the time of writing. Buyers have an uphill task to break above the moving averages before retesting the overhead resistance.

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
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
Share with other traders!

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.