In my previous Wti Oil analysis, I draw attention to the possibility of a double top formed above 120 with the neckline at the 92 zone.
Oil has dropped under this support and confirmed this zone as new resistance.
At this moment the price is also under 85 support and the road looks clear for continuation.
The next obvious level of support is around 65 and as long...
Pattern: 4H Rectangle (blue shape).
Signal: Bullish every time it hits the 1W Support Zone (1) or if 54.85 breaks (2).
Target: (1) = 54.80 (2) = 57.45.
*The break out from the 1D Lower High (dashed line) practically gives a bottom signal waving a medium term bullish reversal.
