WTI OIL Strong rebound on oversold RSI Resistance.

The WTI Oil (USOIL) almost turned oversold on its 1D RSI today and the last time it approached the 30.000 level was on September 26. That was the low of the multi-month downtrend, with Oil making a counter trend rebound to 93.65 in just 10 days!

On the short-term, the Resistance that has been intact since November 15 is the 4H MA50 (red trend-line). Breaking above it would be confirmation of the rebound extension. On the medium-term the target is the 1D MA50 (blue trend-line). On the long-term it can be within 89.50 - 90.00, the first is the 0.786 Fibonacci retracement level and the second represents a +22.60% rise, identical with the rise of September 26 - October 10.


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