- February 8, 2023
- Posted by: Tradingshot Articles
- Category: Commodities
Our previous WTI Oil (USOIL) signal couldn’t have gone any better as the bearish reversal was confirmed and we took the sell:
Following the rebound however after the (marginal) fake-out just below the 72.40 Support, we see the medium-term scene turning neutral. The reason is that since December 12, so effectively in the past 2 months, WTI hasn’t closed below the 72.40 Support or above the 83.30 Resistance. And on top of that, the current rise looks quite similar to the Channel Up patterns of December 16 – 27 and January 05 – 18.
As a result, a clear candle closing above the 4H MA200 (orange trend-line), while the 4H MA50 (blue trend-line) is supporting, is a buy signal targeting at least the 81.05 December 26 High. Also look how well the 1D RSI also fits into a range itself.