WTI OIL: 1d Death Cross calls for selling but MA50 has to hold.
WTI will complete a Death Cross pattern on the 1d time frame. This will be its second since September 02 2022.
That pattern initiated a strong decline which was a bearish leg inside a Channel Down pattern.
Oil is again trading inside a Channel Down since Sep 28 2023 and the Death Cross can be the sell call for the final leg to the 63.70 Support.
We expect at least 65.00 but the 1d MA50 has to hold. On a different occassion, i.e. a candle closing over the 1d MA50, look for a buy to the 0.618 Fibonacci level at 84.50. That will be almost a +25% rise, which we've seen 4 times since the last 1d Death Cross.
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That pattern initiated a strong decline which was a bearish leg inside a Channel Down pattern.
Oil is again trading inside a Channel Down since Sep 28 2023 and the Death Cross can be the sell call for the final leg to the 63.70 Support.
We expect at least 65.00 but the 1d MA50 has to hold. On a different occassion, i.e. a candle closing over the 1d MA50, look for a buy to the 0.618 Fibonacci level at 84.50. That will be almost a +25% rise, which we've seen 4 times since the last 1d Death Cross.
Follow, Like, Comment below!
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