USOIL (WTI) Reaches an Overbought Region, Retraces to $90 Low
Login

USOIL (WTI) Reaches an Overbought Region, Retraces to $90 Low

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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

USOIL (WTI) Long-term Trend: Bullish
USOIL is in a smooth uptrend but retraces to $90 low. The uptrend has been ongoing since December 20. The price action is characterized by small body candlesticks called Doji. These are above the moving averages and the bullish trend line. The uptrend is likely to continue as long as the price bars are above the moving averages. On February 14, the index reached the high of $95.79 but faced resistance. It has declined to the low of $90. USOIL is approaching the overbought region of the market.

USOIL (WTI) Reaches an Overbought Region, Retraces to $90 Low
USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 62 of the Relative Strength Index for period 14. The index is still in the uptrend zone and capable of a further upward move. The index price is still above the 21-day SMA and 50 –day SMA indicating a further upward move of WTI. WTI has a bullish crossover. That is, the 21-day SMA crosses above the 50 –day SMA indicating buy order.

USOIL (WTI) Medium-term bias: Ranging
On the 4-hour chart, the index is in a sideways move below the resistance level of $95.79. Buyers could not break the recent high as the market reaches the overbought region.

USOIL (WTI) Reaches an Overbought Region, Retraces to $90 Low
USOIL -4 Hour Chart

4-hour Chart Indicators Reading
USOIL is above the 25% range of the daily stochastic. WTI has resumed bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend but has retraces to $90 low. The market has reached an overbought region. A fresh uptrend is likely to resume after a minor retracement.


You can purchase crypto coins here: Buy Tokens

Note: Learn2Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing result

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • 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
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News