USOIL (WTI) Reaches Bullish Exhaustion , May Face Rejection at $80.84

9 October 2021 | Updated: 9 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 upward move. Today, WTI is trading at $79.50 at the time of writing. USOIL has been in an upward move for the past three months. According to the price indicator, USOIL is reaching bullish exhaustion. The RSI has reached level 69. Further upside is doubtful.
Meanwhile, on October 5 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USOIL will rise but reverse at level 1.272 Fibonacci extension or level $82.49.

USOIL- Daily Chart

Daily Chart Indicators Reading:
USOIL has a bullish crossover as 21-day SMA crosses above 50-day SMA. USOIL (WTI) is at level 69 of the Relative Strength Index period 14. It indicates that USOIL has reached the overbought region. The current bullish momentum is likely to subside. In the same vein, sellers are likely to emerge in the overbought region.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in an upward move. The upward move is facing rejection at the recent high. The bulls have retested level $79.76 thrice and were repelled. Meanwhile, on October 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USOIL will rise but reverse at level 1,272 Fibonacci extension or level $80.84.

USOIL – 1 Hour Chart

4-hour Chart Indicators Reading
USOIL is above the 50% range of the daily stochastic. The index is in a bullish momentum.WTI has bullish crossover. The 21-day line SMA crosses above the 50-day line SMA indicating a buy signal.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an upward move. The uptrend is reaching the bullish exhaustion. According to the Fibonacci tool, the index will rise but reverse at level 1.272 Fibonacci extension or level $80.84.




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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.