WTI OIL Shouldn't rebound before testing this level

WTI Oil ( USOIL ) failed emphatically last week to break the 1D MA50 (blue trend-line) as it was rejected just below it and made yesterday and today a new market Low. Based on the RSI sequence as well, the rejection seems similar to September 14 that ended up making a new Low on the Lower Lows Zone (since July 14) on the -0.3 Fibonacci extension .

This extension is currently at 67.55 and we don't expect any meaningful rebound before testing that level. If it does, a rebound back to the 1D MA50 to test again the strength of this multi-month correction is very likely.

Alternatively you can keep an eye on the 1D RSI . Once it gets oversold near 30.00, buy and if it breaks the Lower Highs trend-line, confirm the 1D MA50 target.


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