WTI OIL Limited upside, significant downside

Jan 19, 2023

It is time to update our WTI Oil (USOIL) thesis, which was bullish last week as the Resistance within the Channel Up broke:

This time we see one last rise as a possibility since the price is rebounding on the 4H MA50 (blue trend-line) but limited to the 83.40 Resistance. An exception can be made to an overextension to the 85.00 - 86.00 range on the red zone, which is the top (Lower Highs) limit of the 5-month Channel Down (dashed lines).

On that point or if the price breaks below the 4H MA50 first, we expect a strong drop, with the downside open to at least the 70.10 Support. A more likely scenario in our opinion.

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