InvestingScope

WTI Oil: Sideways in preparation for $58.

OANDA:WTICOUSD   West Texas Oil
Following the previous analysis which suggested that the upside move that started after the 42.156 bottom, would evolve into an Inverse Head and Shoulders on 1D, was eventually materialized as the price virtually hit the 54.485 1D Resistance and expected target. This pattern ( Inverse Head and Shoulders ) will be completed once its neckline following the right Shoulder will be exhausted. This suggests sideways trading (consolidation) for a maximum of 2 weeks, creating a buy (long entry) zone within 49. 40 - 50.20, until the price breaks towards 58.00. The consolidation on the neckline will be fueled by the balance between a bearish / neutral 1W ( CCI = -13.9565, Highs/Lows = 0.0000) and a bullish / neutral 1D ( MACD = 0.920, Highs/Lows = 2.0057).


Take a look at our previous long term analysis which shows (see below) that December's low was on the 42.005 1M (monthly) support giving WTI oil high chances of a sustainable rebound:






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