USOIL (WTI) Rallies to an Overbought Region, Faces Rejection at $78

Updated:

Key Resistance Levels: $80.00, $84.00, $88.00
Key Support Levels: $66.00,$62.200,$58.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is in an upward move as it faces rejection at $78. The index price breaks above the 21-day line SMA but faces rejection at the 50-day line SMA. As the index faces rejection at the recent high, WTI will fall and become range-bound between the moving averages. Meanwhile, on December 9 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that WTI will rise to level 2.0 Fibonacci extension or $ 81.31.

USOIL (WTI) Rallies to an Overbought Region, Faces Rejection at $78
USOIL – Daily Chart

Daily Chart Indicators Reading:
The recent uptrend has pushed USOIL to level 55 of the Relative Strength Index for Period 14. WTI price is above the 21-day line moving average but below the 50-day line moving average. This indicates that the index will fluctuate between two moving averages. The 21-day line and 50 –day line SMAs are sloping uptrend indicating the uptrend.

USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, USOIL is in an upward. USOIL is in a smooth uptrend. A trend line is drawn showing the support levels of prices. The market has risen to the overbought region. of the market. The index is retracing to the downside.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below the 50% range of the daily stochastic. WTI is in a bearish momentum. The 21-day line and the 50-day line SMAs are sloping upward indicating the uptrend. WTI price has broken below the trend line indicating that the uptrend has been terminated.


General Outlook for USOIL (WTI)
USOIL is on an uptrend as it faces rejection at $78. The index has risen to an overbought region of the market. Presently, the index is retracing for a subsequent upward move.

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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.