USOIL (WTI) Surges Ahead, Battles the Resistance at $76.00

3 July 2021 | Updated: 3 July 2021

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. WTI has risen to an overbought region of the market. The RSI indicated an overbought region of the market as USOIL rises to $75.10. The implication is that the upward rally is likely to subside on the upside.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 72 of the Relative Strength Index period 14. It indicates that USOIL has reached the overbought region of the market. Sellers will emerge at the overbought region to push prices down. 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 upward move. The market has earlier reached the high of $76 and pulled back. The WTI price pulled back to resume consolidation above $75 support. Meanwhile, on July 1 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 78.14.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is below the 80% range of the daily stochastic. The market is in a bearish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. Later, sellers will emerge in the overbought region to push prices down.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend. Recently, the market pulled back because WTI reached the overbought region of the market. USOIL will resume an upward move if it finds support above level $75.00


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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.