• Home
  • Courses
  • Become An Instructor
  • Blog
  • Shop
Digital Skill Institute
  • Home
  • Courses
  • Become An Instructor
  • Blog
  • Shop
      • Login

    Technical Analysis

    • Home
    • Blog
    • Technical Analysis
    • USOIL Trades in the Overbought Region as It Faces Rejection at $110.58

    USOIL Trades in the Overbought Region as It Faces Rejection at $110.58

    • Posted by DigitalLeonard
    • Categories Technical Analysis, Trade Ideas, Trading Briefs, US Oil, USOIL, wti
    • Date May 15, 2022
    • Comments 0 comment

    [ad_1]

    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 is in a sideways trend since March 22 as it faces rejection at $110.58 . The index has been fluctuating between $98 and $115 price levels. Today, the upward move has reached the high of $110.61 but faces rejection at the resistance zone. In the previous price action, the index declined from the high of $111.34 and retested the lower price range. In the meantime, the market is facing resistance at the recent high. The index will trend when the range-bound levels are breached.

    USOIL Trades in the Overbought Region as It Faces Rejection at $110.58
    USOIL – Daily Chart

    Daily Chart Indicators Reading:
    USOIL is at level 57 of the Relative Strength Index for period 14. It is in the uptrend zone but it is facing 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 in an uptrend as the market reaches the high of $110.58. The index is facing rejection at the resistance zone
    Meanwhile, on May 11 uptrend; a retraced candle body tested the 61.8 Fibonacci retracement level. The retracement suggests that the index will rise to level 1.618 Fibonacci extension or level $110.74. From the price action, the market has reached the 1.618 Fibonacci extension and it is likely to reverse.

    USOIL Trades in the Overbought Region as It Faces Rejection at $110.58
    USOIL – 4 Hour Chart

    4-hour Chart Indicators Reading
    WTI is above the 80% range of the daily stochastic. The market has reached the overbought region. The index has reached bullish exhaustion. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. WTI price bars are above the moving averages indicating a possible rise in the index.

    General Outlook for USOIL (WTI)
    USOIL (WTI) is in an upward move as it faces rejection at $110.58 . Sellers will emerge in the overbought region to push prices down. The market has been reversing at the overbought region since May 6.

    You can purchase crypto coins here: Buy LBlock

    Note: Learn2Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

    Share with other traders!

    [ad_2]

    Source link

    • Share:
    author avatar
    DigitalLeonard

    Previous post

    GBPJPY Price Continues to Melt Down in Bearish Supply
    May 15, 2022

    Next post

    AUDJPY Suffers an Unexpected Drop Below 91.120
    May 16, 2022

    You may also like

    EURCHF-1Day.png
    EURCHF Bears Successfully Led the Market Into the Demand Zone
    26 July, 2022
    DOTUSD_2022-07-22_09-45-20.png
    Polkadot Resumes Downward Correction as Buyers Fail To Keep Prices above $8 High
    23 July, 2022
    LTCUSDDaily-Chart.png
    Litecoin Risks Decline as It Struggles Below the $59 High
    20 July, 2022

    Leave A Reply Cancel reply

    Your email address will not be published. Required fields are marked *

    Search

    Crypto Trading Mastery: Buy, Sell, Trade Cryptocurrency for Profit

    Crypto Trading Mastery: Buy, Sell, Trade Cryptocurrency for Profit

    ₦60,000.00 ₦25,000.00
    Step By Step Website Design Tutorial For Beginners

    Step By Step Website Design Tutorial For Beginners

    ₦10,000.00
    How To Create A Professional Website Without Coding

    How To Create A Professional Website Without Coding

    ₦150,000.00 ₦5,500.00
    Digital Marketing Institute Logo
    +2348165842119
    support@digitalleonard.com
    Facebook-f Twitter Google-plus-g Pinterest

    Company

    • About Us
    • Blog
    • Become An Instructor
    • Contact

    Links

    • Courses
    • Events
    • Gallery
    • FAQs

    Support

    • Join Our YouTube Channel
    • Telegram Forum
    • Facebook

    Recommend

    • BINANCE
    • BYBIT
    • HUOBI
    • KUCOIN
    • OKEX
    • BITGET

    Digital Skill Institute By DigitalLeonard.Com Powered by Digital Leonard.

    • Privacy
    • Terms
    • Sitemap
    • Contact

    Login with your site account

    Lost your password?