WTI Crude Oil delivered what was expected, it hit our long term TP = 66.00 and is rebounding after a new Lower Low at 63.65 (S1). The 1D RSI is still very low (35.546) while the 4H technicals just got out of their yesterday's remarkably oversold condition (RSI = 36.200, MACD = -1.970, ADX = 63.277). Our short term target is the 0.382 Fibonacci (TP = 71.25) and medium term the 0.618 Fibonacci (TP = 75.50).
We don't rule out one last pull back and if it happens it will be another bargain to buy low, as it was on March 20th. Regardless of that, the 4H MA50 is always a candidate for rebounds and it can match the 71.25 short term target ideally.
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
Nice chart! And what entry point will be preferable here?
ReallyMe
⋅
I doubt it. I'd say "short". Who needs the crap oil? Oil is really the discontinued model and will soon no longer make any difference. ...ever heard of electric cars? in central Europe they are already driving around everywhere...