Short

WTI OIL Approaching a potential rejection level.

Our last short-term analysis (March 18, see chart below) on WTI Oil (USOIL) hit the $70.00 Target and is currently extending the uptrend:

WTI OIL turned the 4H MA50 into Support and aiming higher.

We believe however that this uptrend may be coming to a temporary end as not only does it approach the 1D MA200 (orange trend-line) that has been intact since February 03, but also the 73.40 Symmetrical Resistance that kick started the -7.70% September 24 2024 rejection.

As you can this this is also where the 1D RSI 67.00 Resistance is, which has also caused 2 rejections.

Based on that, we will wait for a short on the 1D MA200 to target $68.00.

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