WTI OIL targeting 123.00

WTI Crude Oil (USOIL) is on a 4 day green 1D candle streak, the longest it has been in a month and is trading above above the 1D MA50 (blue trend-line). As you see the pattern has been a Channel Up since the March 25 High as the market is attempting to recover the War high (129.50) of March 08. This time the price hasn't just rebounded on the bottom of the Channel Up but also on the longer-term Higher Lows trend-line that started after the December 02 2021 Low.

A break below should target the 1D MA200 (orange trend-line) but until then we should continue buying towards the top of the Channel. A weekly closing above the 129.50 Resistance should be a long-term extension to the -0.236 Fibonacci extension at 145.00.



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