WTI CRUDE OIL: Found Support on the 1W MA200.
WTI Crude Oil has been on a long term downtrend since March 2022 and the heights of the Russian/Ukraine war. The 1W time frame technically turned bearish (RSI = 39.105, MACD = -5.090, ADX = 26.852) but the price just entered the S1 Zone, while making contact with the 1W MA200 for the first time since February 2021.
This is a heavy Support Zone and the fact that last week's candle closed over the 1W MA200, amplifies it. Target a little under the 1D MA50 (TP = 75.00).
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This is a heavy Support Zone and the fact that last week's candle closed over the 1W MA200, amplifies it. Target a little under the 1D MA50 (TP = 75.00).
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## Comments and likes are greatly appreciated. ##
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