USOil (WTI) Now Aiming at Breaking the 78.60 Fib Level

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USOil price action was able to break through the $80 price resistance level. It took some time for this to be achieved, but from the looks of things, prices may move further in the upside direction from here. Nevertheless, these may sound presumptuous without establishing some facts, so let’s dive in.

Major Price Levels:
Top Levels: $80.94 $82.50, $84.50
Floor Levels: $80.00, $78.00, $76.00

USOil (WTI) Now Aiming at Breaking The 78.60 Fib Level

USOil (WTI) Price Action Is Fighting Headwind to Stay Afloat

Price activities in the USOil (WTI) daily market now occur above the $80 mark. However, judging by signs from technical indicators, it appears that some struggles are going on in this market at this point. From the RSI, it could be seen that the lines of this indicator are already in the overbought region. Nonetheless, these lines have been finding it difficult to move higher from here, as this would indicate a gain in price upside momentum, and eventually, prices will increase. On the contrary, though, the MACD curves have risen above the equilibrium level, and its histogram bars are now solid green once more. Adding the fact that the RSI lines are in the overbought region to the implications of the signs from the MACD, traders can expect an additional price increase in WTI price.

USOil (WTI) Now Aiming at Breaking The 78.60 Fib Level

The Price of USOil (WTI) Continues to Show Upside Potentials

In the 4-hour market, price activities continue to show signs of moving higher. Here the Stochastic RSI indicator curves are still projected upward; however, the appearance of a bearish candlestick lately has caused the terminals of these lines to bend towards each other. Consequently, this seems like an attempt to initiate a bearish crossover. Nevertheless, the MACD indicator hints at what may happen from here. It can be seen that the MACD curves have performed a crossover. Also, the histogram bars, which were pale before, have now vanished into the 0.00 mark. The activities portrayed on the MACD point to the fact that upside momentum is more likely to build up from here. This will see the RSI lines regaining their upward path, and WTI the price may rise toward the $84.00 mark.

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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.