WTI CRUDE OIL: Opportunities to profit sideways.

May 31

WTI Crude Oil turned bearish on its 1D technical outlook (RSI = 39.681, MACD = -1.020, ADX = 30.568) but remains neutral on 1W (RSI = 46.231) as it is approaching again the 1W MA200. That is a critical Support as not only it is untouched since February 5th but is the long term level that Oil has been bouncing aggressively on since March 2023. We look towards a Rectangle consolidation-accumulation as the last two times that the 1W MA200 was tested. We will buy on S1 and target the R1 level (TP = 80.60). Until we close over the 1D MA50, our strategy is to scalp this range.


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