WTI CRUDE OIL: Still bullish medium term to 83.50.

WTI Crude Oil is on a healthy bullish 1D technical outlook (RSI = 61.125, MACD = 0.800, ADX = 42.762), crossing today over the 1D MA200 for the first time in February. 79.75 (R1) is the first Resistance level but once the 1D MA50 broke (as we stated on our prior idea), the target is at least 83.50 (TP), which is what WTI delivered on the August 10th 2023 and April 12 2023 rallies.

It is interesting to point out how strong of a Support the 1W MA200 has been acting those past few years and was the level that initiated February's (current) rebound.

See how our prior idea has worked out:


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