WTI OIL Still bearish but watch this level for a reversal.

18 juil.

WTI Oil (USOIL) is posting today the 2nd straight green 1D candle following yesterday's EIA report but the short-term pattern remains a (dashed) Channel Down, which keeps the trend bearish. Ever since the July 05 rejection at the top (Lower Highs trend-line) of the 1-year Triangle pattern, we've been aiming for a 1W MA200 (red trend-line) contact, similar to the February 05 2024 Low.

As long as the 1D RSI remains below its MA trend-line, we will remain bearish, moving however our medium-term Target a bit higher to 78.50.

If however the RSI breaks above its MA, we will close the short immediately and buy instead on the bullish break-out, targeting 87.60 (Resistance 2).

Keep also an eye on the RSI's Symmetrical Support level (43.35) for a potential reversal.

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