USOIL Continues Its Sideways Move as It Faces Rejection at $115
Key Resistance Levels: $80.00, $84.00, $88.00
Key Support Levels: $66.00,$62.200,$58.00
USOIL (WTI) Long-term Trend: Ranging
USOIL price has continued its sideways move as it faces rejection at $115. The bulls are yet to break above the resistance. Since May 16, the bulls have been struggling to break above the resistance but were repelled. The index is fluctuating below the resistance level but above the moving averages lines. The downtrend will resume if price breaks below the moving averages. For past the three months, the index has been fluctuating between $98 and $115 price levels. In the meantime, the index is fluctuating above the moving averages.
Daily Chart Indicators Reading:
USOIL is at level 55 of the Relative Strength Index for period 14. It is trading in the bullish trend zone but faces resistance at the recent high. The 21-day SMA and the 50 –day SMA are sloping horizontally indicating a sideways trend.
USOIL (WTI) Medium-term bias: Bearish
On the 4-hour chart, the index is confined between the moving averages. That is the price bars are above the 50-day line SMA but below the 21-day line SMA. The index is in a range-bound move between the moving averages. The market will trend when the range-bound levels are breached.
4-hour Chart Indicators Reading
WTI is above the 60% range of the daily stochastic. The index is in bullish momentum. It has reached bullish exhaustion. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. WTI price bars are between the moving averages indicating a sideways trend.
General Outlook for USOIL (WTI)
USOIL (WTI) is in a sideways move as it faces rejection at $115. WTI is still in a range-bound move. The bulls are yet to break the resistance at the recent high as the index continues its range-bound move.
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