WTI OIL Near the top of the 4 month Channel Down.

The WTI Oil (USOIL) rebounded on its 4H MA200 (orange trend-line) yesterday and is once again near the top (Lower Highs trend-line) of the long-term Channel Down pattern that started at the end of June.

On the short-term, it has been trading within a Channel Up (dashed lines) since the October 18 Low. Naturally, the Higher Lows on the 4H RSI draw comparisons with the August 30 - September 20 fractal, which formed a Channel Down and eventually bottomed around the 1W MA100 (yellow trend-line).

Our trading plan involves break-outs. A 1D closing above the top (Lower Highs trend-line) of the Channel Down, targets the 1D MA100 (red trend-line) on the short-term, also inside the August Resistance Zone. On the longer term, the upper Fibonacci retracement levels can be targeted once the previous breaks.

If the price breaks below the 4H MA200, a short-term Channel Down similar to that of mid September (blue) can be materialized and target the 1W MA100 again.



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