WTI CRUDE OIL: Still bearish long term but currently oversold.

WTI Crude Oil turned oversold on its 1D technical outlook (RSI = 27.589, MACD = -6.440, ADX = 59.577) as the price has completed three straight brutal red weeks, dropping from $95.50 to $69.00. This was a long overdue drop as the with the U.S.-Iran peace deal, the market would eventually go back to its pre-war levels. Very similar to what it followed after the 2022 Ukraine-Russia war. Both fractals are identical so far so there is no reason not to expect a -50.86% total decline (TP = 60.00). Given however the massively oversold state of the neutral horizon, a rebound is expected inside July-August.

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