WTI Crude Oil is neutral on its technical outlook across the three different long term timeframes 1D, 1W and 1M (RSI = 50.461, MACD = 2.330, ADX = 15.020). The latter is the timeframe that we are looking at on this chart and as you can see, Oil is inside a Triangle pattern, which inside the 17 year Channel Down is the pattern that consolidates the price before a major selloff to its bottom.
The similarities on the RSI sequences is further proof, so on the long term we are bearish on WTI (TP = 10.00), whose upside is limited to the 95.50 Resistance.
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looking for this chart for few years. its also head and shoulders & central channel line. the main question for me - it possibly will not repeat of 08, 17 & 20 bounce. stay possibly low for few years. we will see...