USOIL (WTI) Is in the Overbought Region, May Resume Selling Pressure

Updated:

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 upward move as price reaches the overbought region. In previous price action, WTI reached the high of $85.39 and was repelled. The index retraced to $82 low and resumed a fresh upward move. In the first uptrend, the market declined to $85.39. The bulls are likely to retest the resistance level to break above it. USOIL will decline if the bulls fail to break the current resistance level.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 64 of the Relative Strength Index period 14. Despite the retracement, the index is still in the uptrend zone. It is capable of further upside. The trend lines are drawn showing the support levels of prices. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bullish
On the 1 hour chart, the WTI is in an uptrend. The index has fallen from the previous rejection. Buyers are attempting to push the index upward to revisit the previous highs. Meanwhile, on October 28 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that WTI will rise to level 1.618 Fibonacci extension or $83.64. From the price action, the index tested the Fibonacci extension. It is falling because the market has reached the overbought region.

USOIL – 1 Hour Chart

1-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The index is now in the overbought region. The moving averages are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is trading in the overbought region. In the first uptrend, the market rose to level 77 of the RSI period 14. This causes the index to decline. Presently, WTI is rising marginally to revisit the previous highs.


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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.