WTI OIL Sell signal at the top of the Channel Down.

WIT Oil (USOIL) didn't disappoint last time we looked at it (June 05, see chart below) and delivered our buy signal, easily hitting the 75.70 Target:

The price is now at the top (Lower Highs trend-line) of the 2-month Channel Down and just below the 4H MA200 (orange trend-line), which is where the last Lower High was priced and rejected. At the same time, the 1D RSI is on the 53.80 Resistance, which was the level that priced the last two Lower Highs.

Technically this is the most optimal sell entry on this pattern. We have a modest target at 72.45 (Support 1), as despite the fact that a Lower Low is expected lower, the 1W MA200 looms as a Support and long-term may form a strong Support base. That remains to be seen, so for the time being we take only short-term targets.

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