USOIL (WTI) resumes an uptrend, unable to break the resistance at $64 high


Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Ranging
USOIL is in a sideways move. For the past three days, the crude oil has been in an upward movement. The upward move is facing resistance at the recent high. WTI price is above the moving averages which suggests a possible rise of the crude oil.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 57 of the Relative Strength Index period 14. It indicates that WTI is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping horizontally indicating the uptrend.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, WTI price is in an uptrend. WTI was resisted at the high of $63.42. The market is fluctuating between $62.50 and $64. On April 14 uptrend; a retraced candle body tested the 88.6% Fibonacci extension. The retracement indicates that the market will rise to level 1.1129 Fibonacci extension. The price action has tested the Fibonacci level and has resumed range bound movement below the resistance.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is above the 80% range of the daily stochastic. The market has reached the overbought region The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for USOIL (WTI)
USOIL (WTI) is presently is in a range-bound. The upward move is facing rejection at level $64. After facing rejection at level $68, WTI fell and became range-bound between $58 and $64. USOIL price is presently retesting the $64 high. A break above the resistance level will propel price to retest the $68 high.

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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.