USOIL (WTI) Surges Ahead as Bulls Gain More Grounds

USOIL (WTI) Surges Ahead as Bulls Gain More Grounds

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 upward move has reached the high of level 71.21. According to the RSI, the WTI has reached the overbought region of the market. The upward move is doubtful as sellers are likely to emerge to push prices down.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 69 of the Relative Strength Index period 14. It indicates that USOIL is in an uptrend and has reached the overbought region of the market. 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 price bars are above the moving averages which suggests that the market will be on the rise. Since May, the USOIL price is making a series of higher highs and higher lows.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is sloping below and above the 80% range of the daily stochastic. The market is rising and in a bullish momentum. 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 $71.21 but the market has reached the overbought region. The uptrend will continue as long as it is above the 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.