WTI OIL Testing 9-month Resistance.

2 jul

WTI Oil (USOIL) has so far ignored last week's 1D Death Cross formation and made a strong jump yesterday that isn't about to only test Resistance 1 (84.50, the April 26 High) but also the Lower Highs trend-line, a 9-month Resistance going back to September 28 2023.

The 1D RSI approaching the 70.00 overbought level after a Double Bottom at 30.00, which is a pattern we last saw leading to the January 29 2024 High. That was also a Resistance test. As a result, it is now worth attempting a tight SL sell (using that level as stop) and Target 77.00, which is the 0.618 Fibonacci retracement level, being the target of the February 05 correction. That will also make a technical test of the 1W MA200 (red trend-line), which is again what happened on Feb 05.

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