USOIL (WTI) Retraces to $59, Resumes Upward Move


Resistance Level: $64, $65, $66
Support Level: $58, $57, $56

USOIL (WTI) Long-term Trend: Bullish
USOIL has been in an upward movement since November 2020. WTI crude oil has risen from $33.67 to $60.12 high. The RSI has indicated that the crude oil price has reached the overbought region of the market. In this case, sellers may emerge to push prices down. The market is presently falling but there is the appearance of bullish candlesticks. This will signal the resumption of the uptrend.

USOIL – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the previous trend. Presently, the share is at level 70 of the Relative Strength Index. It indicates that the USOIL is in the uptrend zone and it is capable of resuming upward movement.

USOIL (WTI)) Medium-term Trend: Bullish
On the 4-hour chart, the price is in an upward move. On the February 15 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will fall to level 1.272 Fibonacci extension and reverse. That is the high of $61.89. The price will reverse to 78.6% where it originated. The price action has confirmed these levels.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is above the 20%range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
WTI crude oil is in an uptrend. After the recent retracement, the USOIL has resumed a fresh uptrend. If the market rises and breaks above the previous high of $62, the uptrend will continue.

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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.