WTI OIL Bullish break-out to $76 imminent.

12월 4일

WTI Oil (USOIL) is so far following our last call (November 26, see chart below) on high precision as, after once last pull-back to the Support Zone, it is now rebounding:

As you can see now on this 1D chart, the price hit the 1D MA50 (blue trend-line) today but based on the other 2 November attempts, even a candle close above it doesn't translate into a sustainable break-out.

Contrary to that, however, those 2 attempts weren't supported by a 1D RSI Higher Lows base similar to September's. As you can see that same pattern was that initiated the rebound on the Support Zone that broke above the 1D MA50 and extended even above the 0.786 Fibonacci retracement level and tested the bottom of the 4-month Resistance Zone.

As a result, our $76.00 Target remains intact, which is marginally above the 0.786 Fib and projected to be just below the 1D MA200 (orange trend-line).

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