- April 18, 2023
- Posted by: Tradingshot Articles
- Category: Commodities
WTI OIL (USOIL) broke yesterday below its 4H MA50 (blue trend-line) and today upon re-testing it as a Resistance, it is currently being rejected. This is a major sell signal as since December 2022 inside the Resistance Zone, every such break-out was a confirmed sell. All prior 5 cases hit the Support Zone shortly after. Even an oversold 4H RSI doesn’t mean a bottom will be formed. As a result we are confident to keep our medium-term sells (opened last week after the price got rejected on the 1D MA200 (red trend-line)) and target 74.00.