WTI OIL Consolidation before rise to $91.50.

TVC:USOIL   CFDs on WTI Crude Oil
WTI Oil (USOIL) is trading within a Channel Up pattern since the January 28 High supported by the 4H MA50 (blue trend-line) - 4H MA200 (orange trend-line) Zone. The Bullish Legs have so far recorded rises within a +8.24% to +10.24% range.

Right now it appears that Oil has finished the latest Bullish Leg as the 4H RSI made its standard Peak formation and declined. According to the previous RSI patterns, this decline is the most optimal buy entry.

Now we should be expecting a consolidation around the 4H MA50 and not lower than the 4H MA200 before the next rally. Taking the lowest +8.24% rise scenario, we are targeting for a minimum Higher High at 91.50.


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