The WTI Crude Oil is rebounding since the MA50 (1d) held and is rising towards the MA200 (1d) which had the strong rejection last week. The upside can also be limited by the MA50 (4h), which is now at 80.30. The long term pattern remains a Channel Down so selling this short term spike is best.
Trading Plan: 1. Sell between 79.00 - 80.00.
Targets: 1. 74.00 short term (top of Symmetric Support Zone). 2. 65.00 long term (near Support 2).
Tips: 1. The RSI (1d) can give an additional sell signal if it gets rejected on its MA period. It also has a clear medium term Support from a previous Rectangle that may indicate the next short term rebound.
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Notes: This is a continuation of this trading plan: