WTI remains on the 'buy the dip' status
Market positioning data from the COT report shows that asset managers and large speculators are piling into longs, yet shorts remain subdued. The price on the 4-hour chart also shows an established uptrend within a bullish channel.
Prices have not yet completed a 3-wave retracement against the trend, hence the bias for a slightly deeper pullback before its trend resume. Also note that RSI (14) has not yet dipped into the oversold zone (which is now 40 given the strong uptrend).
Any pullbacks towards the internal trendline or $84 will pique our bullish interest for new longs, in anticipation of its next leg higher on route towards $90.
Prices have not yet completed a 3-wave retracement against the trend, hence the bias for a slightly deeper pullback before its trend resume. Also note that RSI (14) has not yet dipped into the oversold zone (which is now 40 given the strong uptrend).
Any pullbacks towards the internal trendline or $84 will pique our bullish interest for new longs, in anticipation of its next leg higher on route towards $90.
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