WTI OIL: Can have a huge upswing long term.

Crude Oil seems to be virtually repeating since November 2020 the past Cycle that started after the January 2009 recession bottom. All levels are the same and even though this March 2022 top smashed through the symmetric Resistance Zone due to the war in Ukraine, it pulled back below it.

Right now the price is rebounding on the Huge Pivot line as in August 2011 (see the Pivot acted as a Resistance on October 2018) after being rejected on the 1W MA50 (blue line). The RSI is also a copy paste of that period. The model suggests that WTI oil as long as it closes this week above the 1W MA100 (green), it should break above the 1W MA50 again and test the Resistance Zone again. There is also a Rising Support (Higher Lows) below since March 2021, which was also present from July 2009 to August 2014. The strongest technical support is the 1W MA200 (orange). It will be really interesting to see how the market handles this input.


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