Short

WTI OIL Broke below the Channel Up. Potential downtrend starting

WTI Oil (USOIL) broke yesterday below the 1.5 month Channel Up and is now the farthest it's been from the 4H MA50 (blue trend-line) since the June 28 bottom. As long as it fails to close a candle above the 4H MA50, the short-term trend remains bearish, targeting the 4H MA200 (orange trend-line) at 78.50. If however it closes above the 4H MA50, we will buy and target Resistance 1 at 84.85.

An addition indicator for buy and sell is the 4H MACD. Once it makes a Bullish Cross, you can buy for quick short-term profit and similarly once it makes a Bearish Cross, you can sell.

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