WTI Crude Oil had a heavy rejection on the MA50 (1d) that broke today Support (1). The selling can extend beyong Support (2) before we get a new buy signal on the (1d) time frame. The long term pattern remains a Channel Down and every MA50/100/200 (1d) test is a sell opportunity.
Trading Plan: 1. Sell on the current market price. 2. Buy at 66.00.
Targets: 1. 66.00 (Fibonacci 0.1 as it happened on January 5th, a similar fractal). 2. 75.00 (the MA100 (1d)).
Tips: 1. The RSI (1d) is under its MA level, which is exactly what happened on January 5th on the short term Low. If the RSI crosses back above its MA, it will be a confirmed buy signal.