WTI CRUDE OIL: Major 1D MA200 test after 7 months.

WTI Crude Oil is about to hit the 1D MA200 on nearly overbought 1D technicals (RSI = 68.113, MACD = 1.880, ADX = 54.309) for the first time in 7.5 months (August 30th). This is a critical technical junction as 83.50 is also the top of the R1 Zone and the High of December 1st.

With the RSI also approaching the HH trendline, we are going short on WTI and target first the 0.618 Fibonacci level (TP = 72.00). The downtrend can be deeper but this needs to be confirmed. The current bearish signal will get confirmed once the price crosses under the 4H MA50, which has been supporting for 3 weeks.


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