WTI Oil (USOIL) is under a heavy technical squeeze as it has been trading for days within the 1D MA50 (blue trend-line as Resistance) and the 1W MA200 (red trend-line as Support) and the width has now gotten extremely tight that a break-out is inevitable.
The very same squeeze was last spotted on July 03 2023, when the price marginally broke above the 1D MA50 but failed to close above it, only to rally over it two days later. This is what happened on Friday. With the 1D RSI also on Higher Lows (i.e. Bullish Divergence) as in July, we expect a bullish break-out that as with the July rally, will reach at least the 0.618 Fibonacci retracement level. Our Target is 82.50.
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The very same squeeze was last spotted on July 03 2023, when the price marginally broke above the 1D MA50 but failed to close above it, only to rally over it two days later. This is what happened on Friday. With the 1D RSI also on Higher Lows (i.e. Bullish Divergence) as in July, we expect a bullish break-out that as with the July rally, will reach at least the 0.618 Fibonacci retracement level. Our Target is 82.50.
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** Please LIKE ๐, FOLLOW โ , SHARE ๐ and COMMENT โ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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