WTI Oil: Long term bullish break-out on 1W.

FX:USOIL   CFDs on Crude Oil (WTI)
Oil has broken above the 1W Descending Triangle ( RSI = 51.237, ADX = 25.508, Highs/Lows = 0.0000) yesterday. This development, coupled with the break-out above the 0.618 Fibonacci retracement level on 1D ( RSI = 57.737, MACD = 0.270, Highs/Lows = 1.1179) indicate a strong potential for a long term trend shift to bullish .

61.00 is the next Resistance to test and it remains to be seen if the new Channel can create a symmetrical Higher Low supporting trend line (bold dashed line). Under these conditions, long term traders may target the 63.80 - 66.66 Zone.

See how the mini 1D Descending Triangle traded previously:

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very good technical analysis. 2 major farts that got oil price to drop big time in 24 hours: Bolton and Easing Iran Sanctions (nearly 300 pips)
+1 Reply
InvestingScope NothingButProfits
@NothingButProfits, Thank you. Yes indeed they played a big part of it.
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