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.
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.
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.
You can purchase crypto coins here: Buy Tokens
Note: Learn2Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.