USOIL (WTI) Retraces as Bulls and Bears Contemplate Next Move

USOIL (WTI) Retraces as Bulls and Bears Contemplate Next Move

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 WTI has risen to $69.32. The crude oil is facing resistance at the recent high. Meanwhile, on April 20 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that WTI will rise to level 2.0 Fibonacci extension or level $70.71.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 66 of the Relative Strength Index period 14. It indicates that USOIL is in an uptrend and above the centerline 50. The moving averages are sloping upward indicating the uptrend. The WTI price is above the SMAs which suggests that the market will rise.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in an uptrend. The upward move is facing resistance at level $70. Meanwhile, on June 1 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that WTI will rise to level 2.0 Fibonacci extension or level $71.34.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is below the 80% range of the daily stochastic. The market is rising and in a bullish momentum which is contrary to the stochastic indicator. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend. The crude oil has reached the high of $70 but faces resistance. The price is retracing from the recent high. The uptrend will resume if it finds support above 21-day and 50-day SMAs.


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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.