WTI Crude Oil / USOIL is inside a Channel Down but the bearish strength is fading as a Falling Support has been formed while the 1day RSI Double Bottomed.
At the same time the 1day MACD is about to form the 2nd Bullish Cross in less than a month.
The very same (Channel Down) pattern was trading back in June - August 2022, with the same bullish divergence and MACD Bullish Cross.
The price bottomed on that Cross and rebounded to test the 1day MA50.
Buy and target again the 1day MA50 with an early target estimate being 77.00.
Previous chart:
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