USOIL (WTI) Is Recovering Recent Losses and Could Recover More

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors



Following the extended downward retracement that started from the 2nd until the 7th of December 2022, USOil has been able to recover a significant part of the losses incurred during those times. Furthermore, market signs are still positive about more upside price moves.

Major Price Levels:
Top Levels: $78.37, $80.00, $82.00
Floor Levels: $76.00, $74.00, $72.00

USOIL (WTI) Is Recovering Recent Losses and Could Recover More

USOil (WTI) Now Trades Above the $76.00 Support level

USOil is now trading above the $76.00 price level on the daily chart. This could be interpreted as the market’s attempt to recover from its recent dip to around $71.23. At this point, price action has recovered around 96% of the losses recorded from the 2nd to the 7th of December 2022. The Stochastic RSI lines have reached the overbought region, and are still pointing upward as if to indicate a further gain in upside momentum at 99.11 and 95.2 levels. Likewise, the MACD indicator continues to show that the upside momentum is still strong and increasing. As a result, traders can expect additional price increases before Christmas.

USOIL (WTI) Is Recovering Recent Losses and Could Recover More

USOIL (WTI) Maintains a Fair Upside Focus

Price action in the 4-hours USOil market continues to indicate a further price increase over the last 16 hours. The bearish price candle for the past four trading sessions could be seen bouncing off the support created by the Moving Average. However, the latest price candle on this chart formed bearish, resulting in a small downside retracement. Nevertheless, the WTI/USD market has recovered 98% of the losses recorded within the last five to four sessions. Furthermore, the lines of the RSI indicator seem to deliver a crossover in the oversold region at levels 30.29, and 27. Meanwhile, the MACD lines appear to be coming closer to each other for a bearish crossover but are now moving sideways above the equilibrium point. Traders can assume that price action is keeping a fair focus on additional price increases, towards the $82 level, based on the signals from used technical indicators.

Do you want to take your trading to the next level? Join the best platform for that here.

  • 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
  • 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
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.