This is an update to a pattern on WTI that I've been working on since August:
As you see, the price did eventually rebound and right now is consolidating within the 1D MA200 (orange trend-line) being the Support and the 1D MA100 (green trend-line) being the Resistance. This is similar to the August 25 - September 10 consolidation, looking like another accumulation phase before a major rally.
Be ready to buy the break-out and target 76.30 on the short-term, which where the 1D MA50 (blue trend-line) may act as a Resistance. After the (yellow) Lower Highs trend-line breaks, our attention shifts to the long-term target of $85.00.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.