WTI Crude Oil: Optimal long term Buy opportunity.

Oil has been on a strong sell sequence since the January 8th Top (tensions with Iran) and has now broken into the 51.40 - 50.55 1W Support Zone. This level has been holding and accumulating buyers since June 5th, 2019.

At the moment 1D may be on an oversold condition (RSI = 27.481, MACD = -2.120, ADX = 46.874) but the RSI is also on the 20.50 June 5th low. Besides this strong bullish signal, another interesting development is the diverging pattern on the 4H chart (left chart). As you see whil 4H is on a Channel Down (RSI = 32.339, MACD = -0.900, ADX = 34.745), the RSI is on a bullish divergence, being on Higher Lows since January 27th.

We are turning into strong buyers at this level, expecting a gradual long term fill of the following gaps: 59.30, 60.90 and 63.30.





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