WTI OIL Strong Support cluster. Fractal pointing to $93.00.

The WTI Oil (USOIL) followed the exact projection we made earlier this week, as after a rebound to its 4H MA50 (blue trend-line), it got rejected again and even broke as low as the Support Zone 1:


By doing so it reached the 1W MA100 (red trend-line), which is the most important long-term Support. Last time it hit that level (September 26), it made an incredible rebound immediately. As you see we projected this drop on the bearish fractal of October 10 - 18. Plotting (yellow line) it on the price action since the November 07 rejection, it made a fairly accurate projection. This time we even looked at the September 14 - 26 bearish leg and as you see, the yellow fractal fits that one fairly well too. Also the resemblances between their 4H MACD sequences are evident.

Technically the 1W MA100 should hold and provide a rebound first to the 4H MA50 and 4H MA200 (orange trend-line) and then towards the 93.75 Resistance. As with the September 26 bottom, we give it a small tolerance limit to allow for a fake-out. If this is exceeded, we'll take it as a sell break-out signal, targeting the 77.25 - 76.25 Support Zone (2).


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