WTI Crude Oil: 1W Support reached. Long term Buy opportunity.

FX:USOIL   CFDs on Crude Oil (WTI)
Oil has almost made contact today with the 50.55 1W Support after a very disappointing 8 red candle streak which has turned 1D bearish ( RSI = 36.455, MACD = -0.740, Highs/Lows = -3.6829).

We see this decline as the most optimal buy entry both on the medium and long term as despite 50.55 being a 4 month Support and strong buyer accumulation zone, the RSI is coming off Higher Lows and making Higher Highs. The symmetry on the duration of each Low to Low and Low to High, allows us to project the rise on a 1 - 1.5 month horizon.

The Medium term Target Zone is 60.90 - 63.30 and those on a longer term perspective can take the profit within 63.80 - 66.60.

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