USOIL (WTI) Is Range-Bound between Levels $58 and $62


Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is in an uptrend. The uptrend has been terminated at the $68 high. WTI fell to the low of $57 and resumed consolidation above the current support. On March 8 uptrend a retraced candle body tested the 50% Fibonacci retracement level. This implies that USOIL will rise to level 2.0 Fibonacci extension or level $76.68.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) 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 northward indicating the uptrend.

USOIL (WTI) Medium-term bias: Ranging
On the 4 hour chart, the USOIL is in a sideways trend. The market is fluctuating between levels $58 and $62. WTI price retested the resistance on three occasions but could not break it. The bears have failed to break the support level as bulls showed resistance. If bulls break the $62 resistance, WTI will rise to retest the $68 high.

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)
USOIL (WTI) is presently fluctuating in a range. Today, the price is rising and approaching the resistance at $62 high. The range-bound move will continue if the bulls fail to break the resistance at level $62. According to the Fibonacci tool analysis WTI crude oil will rise to level 2.0 Fibonacci extension or the high of $76.68.

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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.