WTI OIL Rejected on the 9-month Resistance. Still good to sell.

Last week (July 02, see chart below) we called for a short-term correction upon a potential Lower Highs rejection on WTI Oil (USOIL):

WTI OIL Testing 9-month Resistance.


As you can see, the strong rejection was materialized last Friday on that 9-month Resistance, and the long-term Triangle pattern is technically looking for a 0.618 Fibonacci retracement level test.

Zooming out on the 1W time-frame, we can see even more relevant info. During the previous two 0.618 Fibonacci pull-backs, the price also hit the 1W MA200 (orange trend-line), which has served as Oil's long-term Support in the last 3.5 years (since February 01 2021). The only time it closed a 1W candle below the 1W MA200 during this time span was recently on the week of June 03 2024.

As a result, besides the 0.618 Fib, we expect the 1W MA200 to be tested also, so depending on the decline's strength, we may have to move our 77.00 Target a bit higher (e.g. 78.00). It has to be mentioned though that the decline to the 0.618 Fib during the past 2 corrections has been dealt within a week. So technically we should be expecting an aggressive move this week.

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