Short

WTI OIL Rejection on 1D MA50 aims at $56.50.

WTI Oil (USOIL) has been trading within a 13-month Channel Down pattern and is currently under heavy pressure by multiple Resistance levels.

The immediate one is the 1D MA50 (blue trend-line), which has its most recent rejection last Wednesday (May 21) and as you can see, the price has failed to break above it, even though it's been trading directly below it.

As long as the 1D MA50 holds, we expect a test of the lower Support Zone at $56.50, similar to the September - December 2024 Support Zone, which was tested continuously after several 1D MA50 rejections.

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