Oilforecast
It's seems WTI Crude Oil making it's bottom following nice positIt's seems WTI Crude Oil making it's bottom following nice positive volume after so long.
Bullish on WTI OIL - May retest $66 again next week
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
