WTI OIL Correction is over. Buy strongly.

23. Juli

WTI Oil (USOIL) followed our July 02 (see chart below) sell signal to perfection as it got rejected on the Lower Highs trend-line and Resistance 1 and broke today below the 0.618 Fib, hitting our 77.00 Target in the process:

For that projection we used the February 05 Low as a benchmark, which also hit the 0.618 Fib and rebounded on the 1W MA200 (red trend-line). That has been the multi-year Support level for WTI, so we currently won't get a better long-term buy signal than this.

As a result, we are now turning bullish again on Crude, targeting the -0.5 Fib extension (as on the April 05 High) at 90.50.

Note also that the 1D RSI is almost oversold at 30.00, a clear cyclical buy signal in the recent past (green circles).

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