- April 13, 2023
- Posted by: Tradingshot Articles
- Category: Commodities
WTI Oil (USOIL) has gone a long way since our buy call a month ago, that not only did it hit its target but smashed through the Jan Lower Highs and the 1D MA100:
The critical development of the week is that it hit the 1D MA200 (orange trend-line) for the first time since August 30 2022. Naturally that alone constitutes big news as along with the 83.35 High of December 01 and the top (Lower Highs trend-line) if the 8-month Channel Down, form a Triple Resistance Cluster.
In our opinion, as long as the price is inside the Channel Down, we have a huge long-term sell opportunity, with Target 1 being on the 1D MA50 (blue trend-line) at 76.50.
If on the other hand breaks above the Channel Down, we will hedge buy on the short-term and target the 1W MA50 (red trend-line) at 88.00, which is untouched since October 10.