WTI Crude Oil is rebounding today aggressively after hitting and holding the 1W MA200, which as we've discussed on our channel, has been the long term Support since February 1st 2021. The rebound has turned the 1D technical outlook neutral (RSI = 47.857, MACD = -0.970, ADX = 22.204) but the 1D RSI is inside a Channel Up, which indicates that there might be a hidden bullish divergence for the long term.
Nevertheless, we cannot discuss any +25% to +30% moves as those in April and July 2023 unless the 1D MA50 breaks. Until then, we will focus on the short term and aim just under the 1D MA50 (TP = 74.50).
See how our prior idea has worked:
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Usually oil hits it’s low in April and then goes up due to seasonality.
AlloysK
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@Sandwich_Stealer They say "Comment" and when you do, they don't reply. What's the use of commenting? I was about to comment but after seeing no reply on your comment... discouraged.
InvestingScope
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@AlloysK, We don't have to reply immediately, do we?
InvestingScope
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@Sandwich_Stealer, Depends on the fundamentals involved. Of course the element of seasonality is evident in April. Supply and demand is the driving force behind it.