- March 21, 2023
- Posted by: Tradingshot Articles
- Category: Commodities
WTI Oil (USOIL) is forming an Inverse Head and Shoulders (IH&S) pattern on the 4H time-frame, which is a technical bottom and bullish reversal formation. The 4H RSI is on a Higher Lows trend-line, indicating an uptrend and already above the 50.00 neutral mark. One last pull-back to the 65.70 Symmetrical Support is possible, before a strong rally targeting the 1D MA50 (blue trend-line). Our target is 74.50.
This is an update to our last week analysis: