Our short-term 75.82 target got easily hit following the lower than expected U.S. CPI yesterday, as WTI reached (and broke marginally above) the 4H MA50 (now at 75.09). Since it closed a candle above it (4H MA50) that means it turned it into a Support and keeps the trend bullish.
Careful handling is needed as despite 4H turning bullish since yesterday, the 1D remains bearish (RSI = 42.814, MACD = -2.890, ADX = 24.695) and above all the Fed announce the new Rate Decision today. For now, my new target is 79.00. A break above the 4H MA200 (81.97), we can target the 1D MA50 (83.55 and falling), which is the ultimate Resistance.
If the RSI hits its Resistance Zone earlier, book profit and sell again. The long term trend is bearish.
Previous WTI chart:
Careful handling is needed as despite 4H turning bullish since yesterday, the 1D remains bearish (RSI = 42.814, MACD = -2.890, ADX = 24.695) and above all the Fed announce the new Rate Decision today. For now, my new target is 79.00. A break above the 4H MA200 (81.97), we can target the 1D MA50 (83.55 and falling), which is the ultimate Resistance.
If the RSI hits its Resistance Zone earlier, book profit and sell again. The long term trend is bearish.
Previous WTI chart:
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial