Tradermonk
Long

Bullish on WTI OIL - May retest $66 again next week

FX:USOIL   CFDs on Crude Oil (WTI)

Reasons for being bullish on OIL :-
The last correction to $58 ended up forming Double bottom base formation
RSI not hitting oversold level of 30 on daily charts
Breakout above double bottom and retesting its neckline at $60.71
Forming a cup & handle formation and a break above neckline last friday
Macd backing it up with a positive crossover
Rsi above 50 adds to the strength to current move.

May retest $66 next week as long as it holds above $60.70
Comment: Made a base @ $60 before heading back to prior Resistance zone.

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