Technician

WTI Oil: Watching 99.20 for a long position

FX:USOIL   Crude Oil (WTI)
322 1 7
The price is retesting the main short term resistance level and neckline for a double bottom formation, which is also at the descending resistance for the bearish channel . A break above that resistance at 99.20 could clear the way for a retest of the 200-days SMA as an initial upside target currently at 100.25 areas. Remember, this is not confirmed yet, a break above 99.20 is required.

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Completely agree. WTI is set for a move higher. I got involved in the trade opening a long position at 97.71 after the double bottom with RSI divergence as you pointer out. An AB=CD pattern also completed at 97.84, with the 2.00 extension of the BC leg being hit on the swing low at 97.34.
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