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.
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.
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
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