WTI CRUDE OIL: Consolidation before a long term rally.

WTI Crude Oil is neutral on the 1D time-frame (RSI = 48.178, MACD = -0.770, ADX = 19.024) as the price continues its fierce consolidation within the 1D MA50 (Resistance) and 1W MA200 (Support). In fact the 1D MA40 has been unbroken since October 23rd 2023 and when it breaks we expect a strong rise like the July 5th 2023 breakout. A strong consolidation similar to today's preceded the July 5th breakout.

Consequently, when the price does cross over it, we will go long and targwt the symmetrical Resistance (TP = 83.50), which has been the target twice before inside 2023.

See how our prior idea has worked:


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