USOIL Surges Ahead as It Targets the High of $125.69
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 uptrend as it targets the high of $125.69. The index price has been making a series of higher highs and higher lows. Meanwhile, on May 18 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement. The retracement indicates that WTI will rise to level 1.618 Fibonacci extension or $125.69. From the price action, WTI is approaching the Fibonacci extension and the overbought region of the market.
Daily Chart Indicators Reading:
USOIL is at level 61 of the Relative Strength Index for period 14. The index is trading in the bullish trend zone and is capable of further upward moves. The 21-day SMA and the 50 –day SMA are sloping upward indicating an uptrend. The uptrend may continue as long as the price bars are above the moving averages.
USOIL (WTI) Medium-term bias: Bullish
On the 4-hour chart, the index is in a smooth uptrend. Also, the index price is making a series of higher highs and higher lows. Today, an index is making a higher low as price breaks below the moving averages. The uptrend will resume as the index rises above the moving averages.
4-hour Chart Indicators Reading
WTI is below the 40% range of the daily stochastic. The price bars are above the moving averages. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend as it targets the high of $125.69. The current uptrend has reached bullish exhaustion as it approaches the overbought region of the market. On March 7, the index reached the high of level 129.42
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