USOIL (WTI) Is Stuck at $76.65, May Resume Selling Pressure

3 October 2021 | Updated: 3 October 2021

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 but the upward move is facing another rejection. The initial resistance at $70 has been breached as the altcoin reached the high of $75. Today, buyers are struggling to break above the $75 high. The new high is the previous historical price level of July 6. In the previous price action, the USOIL was resisted as the index dropped sharply. Meanwhile, on September 1 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 2.0 Fibonacci extension or level $78.33.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 66 of the Relative Strength Index period 14. It indicates that USOIL is in the uptrend zone and above the centerline 50. Also, the index is approaching the overbought region of the market. There is not enough room to rally on the upside. The USOIL has a bullish crossover. That is 21-day SMA crosses above 50-day SMA indicating a buy signal.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in a sideways move. The index is facing resistance at a high of $76.65. WTI is now in a sideways move because of the current resistance. Buyers have retested the overhead resistance twice to break it. Meanwhile, on September 28 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 $80.87.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is above the 80% range of the daily stochastic. The index has reached the overbought region of the market. Further upward move is doubtful as sellers emerge in the overbought region.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend. Further upsides are doubtful because the daily stochastic and the RSI period 14 are showing an overbought condition.

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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.