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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 uptrend. The uptrend was interrupted at the high of level $76. USOIL was compelled to resume a downward move. The downtrend has ended at level 2.618 Fibonacci extension or level $62. The market has since resumed upward. WTI’s upward move will be accelerated if price breaks above the moving averages. A retest at the $76 is likely.
Daily Chart Indicators Reading:
WTI is at level 52 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping southward indicating the uptrend.
USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in an uptrend. USOIL price has broken above the moving averages. The uptrend is facing rejection at level $70. Meanwhile, on September 2 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will rise to Level 1.618 Fibonacci extension or level $72.70.
4-hour Chart Indicators Reading
USOIL is below the 80% range of the daily stochastic. It is in a bearish momentum. The bearish momentum has subsided. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for USOIL (WTI)
USOIL (WTI) has resumed upward. move. The WTI has resistance at $70 to overcome before resuming the uptrend properly. According to the Fibonacci tool, the market will rise to Level 1.618 Fibonacci extension or level $72.70.
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