WTI OIL 4H RSI Bullish Divergence sending a strong buy signal.
WTI Oil (USOIL) stopped yesterday's rebound on the 4H MA50 (blue trend-line) and is now on a small pull-back. Technically that is the Resistance level it needs to break if it wants to break-out aggressively towards the long-term Resistance Zone.
There are high probabilities of doing so, as the 4H RSI formed Higher Lows, which is a Bullish Divergence against the Lower Lows of the price. In fact, it is the exact same formation as the October 01 Low that rebounded aggressively above the 0.786 Fibonacci retracement level.
As a result, we are bullish on this one, targeting $76.00 (the 0.786 Fib currently).
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There are high probabilities of doing so, as the 4H RSI formed Higher Lows, which is a Bullish Divergence against the Lower Lows of the price. In fact, it is the exact same formation as the October 01 Low that rebounded aggressively above the 0.786 Fibonacci retracement level.
As a result, we are bullish on this one, targeting $76.00 (the 0.786 Fib currently).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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