WTI OIL Big rally ahead unless it breaks below the 1W MA100.

WTI Oil (USOIL) hit our long-term 82.50 Target last week, a call made early this year (January 12, see chart below) when the price was still at $74.33:


At the moment, the price sits above the 1W MA100 (green trend-line) for the first time since the week of October 23 2023, as the week opened above it. This calls for an upward extension similar to the September 04 2023 1W MA100 bullish break-out.

As long as the 1W candles close above the 1W MA100, we will stay bullish, targeting the 18-month Resistance Zone (red) at 92.50. If Oil closes a 1W candle below the 1W MA100 though, we will take the loss and open a short instead, targeting the 1W MA50 (blue trend-line) and Higher Lows trend-line at 79.00.


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