WTI Crude Oil is on a strong selloff that was accurately anticipated by our firm on the 1D MA200 rejection, making a LH on the long term Channel Down and providing us with the most optimal sell entry. The 4H technicals are oversold but the 1D remains on standard bearish price action (RSI = 42.644, MACD = 0.240, ADX = 42.786) and we don't expect this selling to take a pause before the 1D RSI tests the S1 (39.50).
Our short term target has always been 74.00 and after a short lived rebound we expect 72.00. Unless 1D closes a candle above the 1D MA50, in which case a bigger rebound is possible to 80.00 before an even deeper fall to 66.00.
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