WTI Crude Oil: Support levels within the Channel Up. Long trade.

Following the abnormal +10% move after the Saudi Oil facilities attack, the price is starting to consolidate, looking for new levels as Supports to attract buyers. In doing so, it has formed a Channel Up on 1D (RSI = 55.181, MACD = 0.790, Highs/Lows = 0.5164) which by those readings we understand that it is close to its Higher Low zone.

At the moment it has bounced at 57.45, a former Resistance level as you see on the chart. 55.00 is the final Support level before the current bullish pattern breaks to the downside and the trend reverses. Currently we are still aiming within 63.80 - 66.60.

Our perspective isn't much changed since our last update:




** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **

Comments and likes are greatly appreciated.