WTI Crude Oil is now supported on the MA50 (4h). The Channel Up that started on Support Zone (1) is similar to all previous 4 Channels that started on that level. Price got rejected on the Mid level structure, indicating that we are only halfway there.
Trading Plan: 1. Buy on the current market price.
Targets: 1. 80.50 (under Resistance Zone 1).
Tips: 1. The Declining Resistance shows that since November, there have been 2 such Cycles and we are about to completed the 2nd. 2. MACD (4h) right over its neutral level, an additional factor indicating that the Channel Up is halfway there.
The retracement comes abit earlier than placed target but all good