USOIL (WTI) Sustains Recent Rallies, Resumes Uptrend

Updated:

Key Resistance Levels: $80.00, $84.00, $88.00
Key Support Levels: $66.00,$62.200,$58.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an uptrend. Today, the index price is making an upward move to revisit the previous highs. In the previous price action, the market reached the high of $84.84 but was resisted. The index reached the overbought region as sellers emerge to push prices down. The market has declined to $78.28 as bulls bought the dips.USOIL has risen to $81.55 at the time of writing. The uptrend will resume if price breaks above the resistance at $84.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 54 of the Relative Strength Index period 14. It is in an uptrend zone and capable of a further upward move. The 21-day and 50 –day SMAs are sloping upward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is in a downward move. The index price broke below the moving averages to reach the low of $78.24. Meanwhile, on October 26 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates WTI will fall to level 2.618 Fibonacci extension or $79.09.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
US30USD is below the 20% range of the daily stochastic. The index has fallen into the oversold region. Buyers are likely to emerge in the oversold region. The index is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USDOIL is in an uptrend. The index has regained bullish momentum as it rebounds above the $79.20 support. WTI is rising to regain the previous high of $84.84.


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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.