USOIL(WTI) Regains Bullish Momentum but Battles Resistance at $73

Updated:

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

USOIL (WTI) Long-term Trend: Bearish
USOIL has been in a downward move. On November 10, WTI faced rejection from the high of $84. USOIL plunged to the low of $62 as bulls bought the dips. Since December 2, the index has been making an upward correction as it reached the high of $73. Meanwhile, on December 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that WTI will rise to level 1.272 Fibonacci extension or $ 76.11.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL is at level 45 of the Relative Strength Index for Period 14. The index is in the downtrend zone and capable of falling on the downside. USOIL has a bearish crossover. That is, 21-day SMA crosses below 50-day SMA indicating a sell order. The 21-day and 50 –day SMAs are sloping downward indicating the downtrend.

USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is making an upward move. The bulls have broken above the moving averages as the market reaches the high of $73. Meanwhile, on December 7 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that WTI will rise to level 1.618 Fibonacci extension or $ 77.28.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 50% range of the daily stochastic. The market is in a bullish momentum. The 21-day line and the 50-day line SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL has regained bullish momentum but is yet to break above the moving averages. WTI will be out of downward correction if buyers push the altcoin above the moving averages or $78 high

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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.