WTI Oil: Short term cautious buy.

Oil has completed 7 straight bullish weeks, a feat that was last seen in March 2016. On the long term the probability of extending this bullish sequence is higher but not without a pull back. But until we get confirmation of such pull back it is best to focus on the short term and the clear 4H Channel Up (RSI = 74.660, MACD = 0.500, Highs/Lows = 1.2107). Since every former high turns support, we can calculate a roughly +4.30% rise since the last high, which puts our short term target to 67.60.

Keep in mind that once this channel breaks it would be best to abandon buying as the 1W Resistance has strong pull-back potential as seen below:







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