USOIL Makes Positive Moves, Revisits Previous High of $129
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 price is in an upward move as it revisits previous high of $129. Since March, the bulls have been struggling to sustain above the $115 resistance level. Today, the bulls have broken the $115 resistance to reach the high of $120. Meanwhile, on May 18 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 $126.38. From the price action, the bulls have broken above the resistance at $115. Further upward moves are possible.
Daily Chart Indicators Reading:
USOIL is at level 65 of the Relative Strength Index for period 14. The index is trading in the bullish trend zone and capable of further upward moves. The 21-day SMA and the 50 –day SMA are sloping horizontally indicating a sideways trend.
USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is in a sideways trend. It has risen and broken above the initial resistance. WTI has reached the overbought region of the market.
4-hour Chart Indicators Reading
WTI is above the 80% range of the daily stochastic. The market has reached the overbought region. Further upward move of the index is unlikely. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. WTI price bars are above the moving averages indicating an uptrend.
General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend as it revisits previous high of $129 . WTI has reached a high of $120. Buyers are pushing the index to reach the previous high of $129.42.
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