WTI OIL: Support broken, targeting 70.00

The price eventually dived back to the 74.00 Support as the previous Low was compromised. The 4H MA50 is near oversold territory (RSI = 34.019, MACD = -2.320, ADX = 29.655) and since November 10th that has always caused a +5.50% rebound at least but since 73.00 broke, that means more heavy selling to 70.00.

Notice the Inverse Head and Shoulders pattern that is being repeated inside the Channel Down since June. The past two time after the Head/ Support broke, the price made a Lower Low on the 1.236 Fibonacci, with the 1D RSI hitting also a Lower Lows Support. Every rebound to the 4H MA50 (blue), is a sell opportunity until 70.00 gets hit.



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