WTI OIL Channel Down bottom buy signal

7 Des 2023

WTI Oil (USOIL) eventually hit our 71.00 target we set last week (see chart below) upon the dotted Channel Up break-out:

The price is now attempting a rebound following the breach of the 1W MA200 (red trend-line), which is a typical procedure throughout 2023 and delivers a strong rebound. However, we we will our perspective short-term until the Channel Down breaks, and will only target 73.50, which is where we expect contact to be made with the 4H MA50 (blue trend-line). We reserve a spot for an additional buy at 67.00 (June 28 Low), in case the price makes one last pull-back to price a Lower Low on the Channel Down.

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