WTI CRUDE OIL: Long term target hit. Reversal to 1D MA50 imminen

26 set 2023

After WTI Crude Oil hit our long term target it managed to close a 1D candle under the 4H MA50 and on prior displays inside the three month Channel Up, that was a sell signal. The 1D timeframe has been normalized from the previous overbought technical state (RSI = 67.378, MACD = 2.060, ADX = 37.892), the 1D MACD is past a Bearish Cross, which makes a complete sell opportunity. We are short, targeting the bottom of the Channel Up and potentially the 1D MA50 as well (TP = 85.00).

We are on an early long trade, targeting the course of the 4H MA50 (TP = 1.2275), even though a Channel Down top extension can even reach as high as 1.2425.

Prior idea:

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