WTI OIL Massive 4-year Support hit. Bullish reversal ahead??WTI Oil (USOIL) hit on last week's 1W candle the 1M MA100 (red trend-line), a massive long-term Support level that has been holding since the week of April 26 2021, i.e. almost 4 years.
At the same time, the price entered the 2-year Support Zone, which has produced all major Bullish Phases (green Rectangles) during this time span. The last one got rejected twice on the 1W MA200 (orange trend-line).
Given the fact that this most recent rejection formed the current 2-month Bearish Phase (red Rectangle), which even based on 1W RSI terms, is similar to all previous Bearish Phases that found Support on the 2-year Support Zone, we have a massive long-term Support Cluster in front of us.
Naturally, until the 1W MA200 breaks, that should be the first Target of any buy attempts. As a result, we expect $80.00 to be tested by June 2025 the earliest.
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