WTI CRUDE OIL: At the bottom of the 6 week Channel Down.

WTI Crude Oil hit today the bottom LL trendline of the six week Channel Down, turning oversold on the 1D timeframe (RSI = 31.036, MACD = -2.860, ADX = 46.284). That alone is a strong medium term buy signal, aiming at a +10.15% rise (TP = 79.50), which is how much the previous bullish leg of the Channel rose by. That is where the R1 level is also (79.75) and depending on how aggressive the rally will be, it may even extend as high as the 0.618 Fibonacci level (again same as the October 20th LH) and test the 1D MA50.

Keep in mind that the 1W MA200 is slightly lower and is the level that supported WTI on many successive tests from March till June, closing all 1D candles over it. Also the last time the 1D RSI broke the 30.00 oversold level was on March 17th and a very aggressive rebound followed.

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