USOIL (WTI) Surges Ahead as Bulls Attempt to Breach the $76 Overhead Resistance


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. Buyers are pushing WTI to break the previous high of $76. The uptrend is making a series of higher highs and higher lows. Since July, buyers have not been able to push above the overhead resistance. A breakout above the overhead resistance will end the current range-bound movement. Meanwhile, on September 16 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 2.0 Fibonacci extension or level $78.33. From the price action, the index is in an uptrend approaching a high of $73.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 64 of the Relative Strength period 14. It indicates that the market is in the uptrend zone and above the centerline 50. WTI is approaching the overbought region. The current bullish momentum will soon reach bullish exhaustion. The 21-day and the 50-day SMA are sloping upward indicating the uptrend. The crypto’s price is above the 21-day and the 50-day SMA which indicates a possible rise.

USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is an upward move. However, the price action is characterized by small body indecisive candlesticks called Doji. Meanwhile, on September 15 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that USOIL will fall to level 2.0 Fibonacci extension or level $78.33.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is above the 80 % range of the daily stochastic. This indicates that the market has reached the overbought region. The market has been overbought since September 22. The moving averages are sloping upward.

General Outlook for USOIL (WTI)
USOIL is in a bullish momentum. The current uptrend is expected to retest or break the overhead resistance. Unfortunately, the daily stochastic has indicated an overbought condition. The RSI is also reaching an overbought region.

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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.