USOIL (WTI) Sustains Recent Rallies, Approaches the Overbought Region

USOIL (WTI) Sustains Recent Rallies, Approaches the Overbought Region

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 a smooth uptrend. The crude oil has risen a high of $64 and was resisted. The price retraced to $60 and resumed the upward move. The resistance at $64 was broken as the market continues its upside momentum. USOIL is likely to reach the high of $68 but the price is likely to reach the overbought region.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 68 of Relative Strength Index period 14. It indicates that price is approaching the overbought region. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the USOIL is in an upward move but the price has reached the overbought region of the market. On March 4 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extension. That is the high of level $66.00. The USOIL is expected to reverse at that price level.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL (WTI) is above the 80% range of the daily stochastic. The price has reached the overbought region of the market. The SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) upward move is reaching bullish exhaustion. The daily stochastic and the RSI that price has reached the overbought region of the market. According to the Fibonacci tool, the market will rise and reverse at level 1.272 or $66 high.


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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.