WTI Crude Oil: Buy opportunity within a Channel Up.

Oil has been trading within a 4H Channel Up (RSI = 46.297, ADX = 36.695) since the October 3rd 51.00 bottom and is currently on its Higher Low zone. This makes it an optimal buy opportunity for the short term. The Highs within the Channel appear to be filling the Lower Lows of the downtrend sequence that led to the 51.00 bottom. Based on this the next Target (Higher High) should be near 55.50 where it will also make contact with the 4H MA200 (orange line).







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