WTI CRUDE OIL: Bullish fractal from 2023 targets $78.50.
WTI Crude Oil is neutral on its 1D technical outlook (RSI = 51.153, MACD = 0.060, ADX = 20.101) as it is trading around its 1D MA50 but at the same time remains supported on the S1 Zone. In the meantime the 1D RSI is rising on HL, which is a bullish divergence. This set of dynamics are identical to March-June 2023, when WTI was contained over the S1 Zone but the RSI was pointing to a bullish divergence that eventually caused a bullish breakout. Consequently, we are bullish now, aiming again at the R1 level (TP = 78.50).
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