USOIL (WTI) Surges Ahead, Set for More Upside Momentum

USOIL (WTI) Surges Ahead, Set for More Upside Momentum

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 rising consistently. The initial resistance at level 72.00 has been breached as price resumed an upward move. WTI is likely to face resistance in its upward move. The price indicator has signaled that the market has reached the overbought region. The bullish momentum is likely to subside.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 74 of the Relative Strength Index period 14. It indicates that USOIL has reached the overbought region above level 70. WTI will have not enough room to rally on the upside. The moving averages are sloping upward indicating the uptrend. The WTI price is 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 price is making a series of higher highs and higher lows. Meanwhile, on June 21 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 76.94.

USOIL – 4 Hour Chart

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

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend. The uptrend has reached the overbought region. Therefore the bullish momentum is likely to subside. According to the Fibonacci tool, the market will reach level 76.94.


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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.