USOIL (WTI) Resumes Upward Move But May Face Rejection At Level $64

USOIL (WTI) Resumes Upward Move But May Face Rejection At Level $64

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 has been in an upward move. The upward move is facing rejection at the recent high. On April 20, the first uptrend was resisted at the high of $64. Today, buyers are pushing on the upside. If the bulls break the resistance at $64, a retest at the $66 overhead resistance is likely.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 51 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.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is trading below the $64 resistance zone. On April 20, the uptrend was terminated as price fell to $60 low. On April 23 uptrend; a retraced candle body tested the 61.8% Fibonacci extension. The retracement indicates that the market will rise to level 1.618 Fibonacci extension or the high of $62.99.

USOIL – 4 Hour Chart

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

General Outlook for USOIL (WTI)
USOIL (WTI) is presently is in a range-bound move below the overhead resistance. The upward move has been interrupted since March 4. The market is fluctuating between levels $58 and $66. According to the Fibonacci tool, the current uptrend will reach a high of $62.99.


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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.