USOIL (WTI) Is Range-Bound Below the Resistance at $66

USOIL (WTI) Is Range-Bound Below the Resistance at $66

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. WTI price has risen to level $66 but could not continue with the uptrend. The market is retesting the resistance level of March 8. Since March 8 that level has not been broken. Meanwhile, on February 24 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 level $71.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 57 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. The WTI price is above the SMAs which suggests that the market will rise.

USOIL (WTI) Medium-term bias: Ranging
On the 4 hour chart, the WTI price is in a sideways move below the resistance at the level of $66. Buyers could not penetrate the resistance at $66. Meanwhile, on April 29 uptrend, a retraced candle body tested the 50% Fibonacci extension. The retracement indicates that the market will rise to level 2.0 Fibonacci extension or the high of $69.24.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is above the 40% range of the daily stochastic. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for USOIL (WTI)
Since May 1, USOIL (WTI) is in a sideways move below the resistance at level $66. The bulls are yet to break the recent high. The Fibonacci tool has indicated a price rise to the level of $69.24.

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Author : Azeez Mustapha

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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.