WTI OIL Still in the long-term Buy Zone.

19 בדצמ׳ 2023

WTI Oil (USOIL) hit our 73.50 short-term Target that we called on December 07 (see chart below) but remains within the 2 -month Channel Down:

On the wider 1D time-frame, we can clearly see that the price is still inside the 9-month Buy Zone. The tendency is that when the 1D MA50 (blue trend-line) breaks after dipping within the zone, the price approaches the 0.618 Fibonacci retracement level.

The 1D RSI is on a Triple Bottom, i.e. confirmed Low and buy opportunity while the 1D MACD is on a Double Bullish Cross. As a result, we are waiting either for another pull-back to 68.00 - 69.00 or the 1D MA50 to break (and close a 1D candle above) and target 82.50 for the medium-term.

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