WTI CRUDE OIL: targeting 95.00 with support by the 1M MA100.

3 Ara

WTI Crude Oil is neutral on its 1D technical outlook (RSI = 51.599, MACD = -0.340, ADX = 19.425) as the price hasn't practically moved for 3 straight weeks. Even the 1W RSI remains neutral (RSI = 46.004) as the last 4 candles have closed inside the 1M MA50 - 1M MA100 range. The 1M MA100 is basically supporting the pattern since April 2021. As long as it does, chances are will see a strong rebound to the R1 level, a price action much like what followed the 2013 consolidation that pivoted to Leg (4).

A similar S1 Zone was supporting on the 1M MA100. Consequently, we turn bullish on WTI expecting a R1 test in the coming months (TP = 95.00).


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