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.
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.
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.
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