WTI Oil (USOIL) hit our 72.50 target we set last week (see chart below) and maintains the tight trade within this short-term Channel Down pattern:
At the moment today's aggressive bearish leg can very well make a Lower Low of the Channel Down at 71.10 and then rebound, with the 4H RSI Rectangle giving a valid level on its bottom to be prepared for. Until the price closes above the 4H MA50 (blue trend-line), we will look to sell again near the top of the Channel Down and target the bottom at 68.10, near the 1W MA200 (yellow trend-line).
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At the moment today's aggressive bearish leg can very well make a Lower Low of the Channel Down at 71.10 and then rebound, with the 4H RSI Rectangle giving a valid level on its bottom to be prepared for. Until the price closes above the 4H MA50 (blue trend-line), we will look to sell again near the top of the Channel Down and target the bottom at 68.10, near the 1W MA200 (yellow trend-line).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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