WTI OIL: Top of Rising Wedge. Trade the rejection or the break.

WTI Crude Oil hit the top (HH 1) of the Rising Wedge and got rejected initially but today we see a strong push back to the top. The 1D technicals are bullish (RSI = 61.888, MACD = 1.310, ADX = 33.690) and probably is what's pushing the price back to test the HH 1 again.

Until the time the HH 1 breaks, we are staying neutral, but with more bearish bias. Those will be confirmed if the 4H MA50 breaks, which is the bearish trigger. Then we will sell with TP = 77.00 - 76.00, depending on the 4H MA200 as well. Then as long as the Rising Wedge and HL 1 hold, we will buy again with TP = 82.50 (R1). Break below HL1 will be an additional sell with TP = 72.50 (S2).

The bullish trigger is the R1 whose top is 83.30. Above it we will buy with TP = 87.00 (R2).

Previous analysis:

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