WTI OIL Correction not over yet.

Jun 16, 2022

WTI Crude Oil (USOIL) is on a strong 3 day correction. Its long-term trend since the December 02 2021 Low is better illustrated if we apply the Fibonacci Channel starting on that Low. As you see the extensions have worked very well in projecting Higher Highs.

Right now the pull-back doesn't seem to be over. Either a bounce of the 1D RSI on its Buy Zone is needed or a hit on the price's Internal Higher Lows trend-line. The 1D MA100 (green trend-line) happens to be exactly there, which is a trend-line untouched since December 27 2021. A rebound there can target the 1.5 Fibonacci extension again. On the other hand, a closing below the 0.0 Fib level can see Oil test the -0.5 extension for the first time, with the 1D MA200 (orange trend-line) supporting just below.



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