USOIL (WTI) Surges Ahead as the Index Targets Level $86.00

Updated:

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 upward move and the index has continued to rise on the upside. The current upward move becomes possible when the bulls broke the resistance at level $76. The index has risen to $82.61 at the time of writing. On the weekly chart, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 1.618 Fibonacci extension or level $100.13.

USOIL – Weekly Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. USOIL (WTI) is at level 71 of the Relative Strength Index period 14. This indicates that USOIL has reached the overbought region. The current bullish momentum may subside as sellers emerge in the overbought region.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in an upward move. On October 11, the index faced resistance at level $82.15 as WTI declined to the low of $79.40. Today the upward move has continued on the upside.
Meanwhile, on October 11 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 1.618 Fibonacci extension or level $86.14.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is above the 80% range of the daily stochastic. The index has reached the overbought region. Further upward move is doubtful as sellers emerge in the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an upward move and it has risen to level $82.47. Although the index has reached the overbought region, the uptrend may continue if the trend is strong. The bottom line is that USOIL had been rising since November 2020.

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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.