Big success: all three Targets hit. Expecting consolidation.

12 lug 2018

TP * 72.86, 71.88 and finally 70.60 all hit as USOIL followed the projected bearish reversal (blue curve) after being rejected on the Higher High of the 1W Channel Up (RSI = 59.281). Yesterday's collapse was initiated by a 1H Engulfing bearish candle (RSI = 27.521) despite the positive Crude Oil Inventories, indicating that those were priced in and that WTI follows purely the technical path we chose. By hitting 70.60, the 4H chart has completed the bearish reversal we expected as it hit the 0.382 Fibonacci retracement level. A test of 0.500 = 69.41 cannot be ruled out but since we follow a more medium term perspective it doesn't affect our plans. 1D is now neutral (RSI = 50.917, STOCH = 54.334, ADX = 30.487) and should naturally consolidate before filling the first Gap at 72.15.