WTI OIL hit its 2-year Support. Major rebound possible.

WTI Oil (USOIL) didn't fail us on our last bearish idea (February 20, see chart below), where we called the 1D MA50 rejection:

The decline didn't just hit our $69.00 Target but also broke below the medium-term Channel Up and entered the 2-year Support Zone.

The long-term dynamics should gradually start emerging now and the principle parameter is that every time this Support Zone gets hit, WTI starts strong medium-term rallies.

Technically (even on 1W MACD terms), the decline since mid January is very similar with the one of mid April 2023. Both were produced after another Support Zone rebound and before that a long-term Channel Down (red) preceded them.

As a result, we expect a strong rebound for at least the next 2 months, which (as in the case of Fractal 1) should initially target at least January's High at $80.50.


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