WTI OIL Broke above the 1D MA100 for the first time in 4 months!

WTI Oil (USOIL) didn't just break above its long-term Channel Down pattern on Friday, but at the same time broke and closed above its 1D MA100 (green trend-line) for the first time since July 05. That alone is the second major bullish signal on WTI, after the September 27 rebound on the 1W MA100 (red trend-line). That is something we made clear on our previous analysis:


Right now the price is entering the Resistance Zone of August, which only broke once in August 29/30. This time however the technicals are different as the 1D MA50 (blue trend-line) has become as Support and the MACD on the 1W time-frame has made a Bullish Cross, the first since January 17 2022! At the same time, the 1D RSI remains on Higher Highs and a huge bullish divergence as the actual price is on Lower Highs (since August 29).

As a result, trade within the medium-term (October) Channel Up (dotted lines) for as long as it lasts. A break above, targets the 1D MA200 (orange trend-line) and above the 0.618 Fib, strong bounce to the 0.786. On the other hand, we will turn bearish on if the price breaks below the 1D MA50, and target the 1W MA100.



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