WTI OIL targeting at least $56.00 on the short-term.

WTI Oil (USOIL) continues to expand its 4-month Channel Down and has repeatedly been rejected on its 1D MA50 (blue trend-line) in the past 40 days.

As mentioned before, this is similar to September's price action, which eventually tested the previous Support before breaking it and move to a new Lower Low on the 1.5 Fibonacci extension.

As a result, we are still expecting to see $56.00 on the short-term.

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