USOIL (WTI) Resumes Uptrend After a Pullback, Targets Level $73.10

USOIL (WTI) Resumes Uptrend After a Pullback, Targets Level $73.10

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. In March, the price is making a series of higher highs and higher lows. On March 5 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the USOIL will rise to level 1.618 Fibonacci extension. That is the high of level $73.10.

USOIL – Daily Chart

.Daily Chart Indicators Reading:
USOIL (WTI) is at level 64 of Relative Strength Index period 14. It indicates that price is in the uptrend zone and it is capable of rallying on the upside. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the USOIL is in an upward move. On March 5, the market reaches a high of $68 but was resisted. The market reached the low of $63 and resumed upward. The current uptrend is facing resistance at level $66. The target price will be reached once the current resistance is breached.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI Crude oil is above the 80% range of the daily stochastic. The price has reached the overbought region of the market. The SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) upward move is facing resistance at level $66. The market will resume once the $66 resistance is cleared. The Fibonacci tool has indicated an upward move to level $73.10.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.