WTI Crude Oil: Buy opportunity on a Rising Wedge.

Oil is currently trading sideways within the 1D MA200 (orange line acting as a Support) at 57.40 and the 1D MA50 (blue line acting as a Resistance) at 58.90. This is basically the price attempting to create a Support Zone following the 65.70 High after the Iranian tensions (1D turning neutral because of this consolidation with RSI = 44.650, MACD = -0.250, ADX = 33.237).

This price action has created a Rising Wedge (displayed by the dashed red lines). A key characteristic is that every time its RSI hits the dashed line shown on the chart it reaches a bottom and gradually starts rising again. Assuming the 1D MA50 breaks, then this scenario (gradual rise on the Wedge's Higher Low line) becomes valid. Our Target remains 66.00 (close to the April 23rd High).

A break below the 57.40 S1 however risks further drop to Support 2 = 55.00 and if that breaks as well then total reversal towards the 1W Support.





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