The price broke the November low (49.35) and has entered into medium term bullish territory looking for an extension on the current 4H Channel Up (RSI = 71.469, MACD = 1.090, Highs/Lows = 1.1843, BBP = 2.7960). However the overbought levels (STOCHRSI, ADX, Williams, Ultimate Oscillator) can pull the price lower for a Higher Low, currently supported at 49.35. This bullish break-out has high probabilities to form an Inverse Head and Shoulders pattern on 1D (also entered bullish territory on RSI = 56.738, Highs/Lows = 3.2479), aiming to consolidate for the next 20 days within 49.35 - 54.485. We are taking this opportunity to go long on a more modest TP = 52.630, as the Higher High of the current channel.
After all as a previous long term analysis shows (see below), December's low was on the 42.005 1M (monthly) support giving WTI oil high chances of a sustainable rebound:
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