Long

WTI OIL Channel Up aiming at the 1D MA50.

WTI Oil (USOIL) transitioned from the Inverse Head and Shoulders (IH&S) pattern we described last week to a Channel Up:

WTI OIL Inverse Head and Shoulders cementing the bottom.

Our target remains 74.50 on the medium-term which makes both a Higher High on the Channel Up while filling a 2.0 Fibonacci extension, which is the technical target for the IH&S.

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