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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 as it reached the high of $76.95. The market is declining after rejection from the recent high. Meanwhile, on July 6 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USOIL will rise but reverse at level 1.272 Fibonacci extension or level $81.28.
Daily Chart Indicators Reading:
USOIL (WTI) is at level 60 of the Relative Strength Index period 14. It indicates that USOIL is in the uptrend and above the centerline 50. The moving averages are sloping upward indicating the uptrend. The price bars are still 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 market has reached the high of level $77 and was repelled. WTI price plunged to $71.20 and resumed a fresh uptrend. Meanwhile, on July 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 1.272 Fibonacci extension or level $77.39.
4-hour Chart Indicators Reading
WTI price is above the 80% range of the daily stochastic. USOIL has reached the overbought region of the market. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. Sellers will emerge in the overbought region to push prices down.
General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend. WTI’s upward move is doubtful as the market reaches the overbought region. According to the Fibonacci tool, USOIL will rise to level 1.272 Fibonacci extension or level $77.39.
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