WTI OIL Channel Down extended selling to 72.50.

Perfect execution of our plan last Monday for WTI Oil (USOIL) as the price initially rebounded to the 4H MA50 (blue trend-line), got rejected and hit our 74.00 target:

WTI OIL Filling the downside gap but short-term rebound.

That is the top of the Pivot Zone that started back in mid-December. We are now expecting a (near) test of the 1D MA50 (red trend-line) as a Resistance to see if we’ll get the rejection for bearish continuation as it happened on April 25. Our short-term target in this case is 72.50, the bottom of the Pivot Zone.

All this is part of course to our long-term trading plan:

WTI OIL on a triple Resistance test! Get ready for a big move.

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