USOIL (WTI) Recovers above $62 Support as Buyers Recoup to Resume Uptrend

USOIL (WTI) Recovers above $62 Support as Buyers Recoup to Resume Uptrend

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 a sideways trend below the resistance at $67. Today, WTI crude oil is rising from the low of $62. On May 18, the USOIL price retested the $67 resistance zone and it fell to $62 support. This has been the price action since March 5. The uptrend will resume if the resistance is breached. Meanwhile, on February 20 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 2.0 Fibonacci extension or level $70.24.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. WTI has a bullish crossover as the 21-day SMA crosses over the 5 0-day SMA.

USOIL (WTI) Medium-term bias: Ranging
On the 4 hour chart, the WTI price has formed a bearish triple top pattern. This causes the USOIL to fall to the low above $62. For the past two months, the market has been in a sideways trend. On the upside, if the resistance at $67 is breached, the uptrend will resume.



4-hour Chart Indicators Reading
USOIL price is above the 40% range of the daily stochastic. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

USOIL – 4 Hour Chart

General Outlook for USOIL (WTI)
USOIL is in bullish momentum. WTI has broken above the 21-day SMA. A break above the 50-day will mean a further upward movement of prices. According to the Fibonacci tool if the current resistance is breached the market will rally to $70 24.

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Author : Azeez Mustapha

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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.