WTI CRUDE OIL: First 1D Golden Cross in 3 years targets $93.
WTI Crude Oil resumed the bullish trend after a short pullback in mid August and again turned overbought on the 1D timeframe (RSI = 71.691, MACD = 2.030, ADX = 28.614). On any other occasion that would be a signal to expect a new technical pullback, but given the fact that the 1D MACD just formed a new Bullish Cross, we can expect a continuation of this rise to the R1 (our TP = 93.00).
As you can see, rises of such magnitude have been common in the past 12 months (green shapes). Additionally, the market has formed the first 1D Golden Cross since September 1st 2020, a strong bullish pattern indeed.
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As you can see, rises of such magnitude have been common in the past 12 months (green shapes). Additionally, the market has formed the first 1D Golden Cross since September 1st 2020, a strong bullish pattern indeed.
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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