WTI OIL Approaching the best sell entry since December.

WTI Oil (USOIL) has been rising within the short-term Channel Up as presented on our analysis last week:

WTI OIL Recurring pattern turning it neutral mid-term?

As previously mentioned, since December 12, WTI hasn’t closed below the 72.40 Support or above the 83.30 Resistance. That keeps the price ranged and recurring patterns emerge. One of those is the current Channel Up which is quite similar to the Channel Up patterns of December 16 – 27 and January 05 – 18.

This is what helped us take the buy last week above the 4H MA200 (orange trend-line), while the 4H MA50 (blue trend-line) gave a boost on February 09. The price is now approaching the orange Resistance Zone and technically a price near 81.50 is a Sell despite the presence of a Higher Highs trend-line.

The reason is that the previous two Chanel Up patterns took approximately 36 and 38 candles respectively from bottom to top. A 36 bar sequence gets completed tomorrow so by Wednesday the latest (if this fractal gets repeated again), the Channel Up should top. We are waiting for that top, or better yet Double Top, to sell again and target the 73.25 Support.

Tradingview link:

https://www.tradingview.com/chart/USOIL/47n2xR9h-WTI-OIL-Approaching-the-best-sell-entry-since-December



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