USOIL (WTI) Is In An Upward Move,Faces Rejection At $68 High

USOIL (WTI) Is In An Upward Move,Faces Rejection At $68 High

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 has resumed an upward move. WTI is falling after retesting the high of $65. The USOIL has rebounded above $61 as price reached the high of $65 before its downward move. The upward move has been ongoing above the $57 support. Meanwhile, on April 20 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 1.618 Fibonacci extension or the high of $64.34.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) has risen to level 56 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.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in a sideways move below the $65 resistance level. Each time the price retest the resistance level WTI will fall to the low of $61.On April 29 uptrend a retraced candle body tested the 61.8% Fibonacci extension. The retracement indicates that the market will rise to level 1.618 Fibonacci extension or the high of $68.31.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is below the 50% range of the daily stochastic. The market is in a bearish 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. The upward move is facing rejection at $65 and $68. Presently, Crude oil is present in a downward move. WTI will resume upward if price finds support above the previous lows


You can purchase crypto coins here: Buy Coins

Note: Learn2Trade.com 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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

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
9.8
  • 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
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.