WTI CRUDE OIL: First time on the 1W MA50 since August 2022!

WTI Crude Oil reached the 1W MA50 on today's session for the first time since the weekly candle of August 29th 2022, so the level has been kept intact as a Resistance for 11 months straight. The 1W time-frame is neutral (RSI = 54.478, MACD = -1.030, ADX = 19.324) indicating that on such a strong long term Resistance, this is a low risk sell entry.

We will trade this however after a bearish breakout and the trigger will be give if the price crosses under the HL trendline, in which case we will target slightly over the 1D MA100 and S1 (TP = 74.00). Beyond that, if a subsequent rebound gets rejected on the 1D MA200, we will sell again and target slightly over S2 (TP = 67.10).

Watch if the 1D RSI gets rejected on the 68.75 Resistance. It will be a Double Top rejection.

Prior idea:


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