- April 21, 2021
- Posted by: Tradingshot Articles
- Category: Commodities
WTI Crude Oil has just formed a Golden Cross on the 4H chart (MA50 (blue trend-line) crossing above the MA200 (orange trend-line)), the first since November 12, 2020. The price action since March 12 is quite similar to late October – early November. After the Death Cross on October 27, 2020, a bottom was formed a few days later. Once the Golden Cross was formed on November 12, 2020, the very aggressive rally of December – March was initiated. We are on a similar situation right now. The March 26 Death Cross may have priced the Bottom and if so, then today’s Golden Cross may kick-start a new rally. I expect a value above $70.00 before June.
Most recent WTI signal:
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