WTI CRUDE OIL Important bearish breakout. Short the spike.
WTI Crude Oil crossed under the 1D MA50 (and the Channel Up) for the first time since July 6th turning the 1D technical outlook bearish (RSI = 35.225, MACD = -0.060, ADX = 34.325). The short term timeframes are oversold so expect a minor spike to the 1D MA50 or near the 4H MA50. We will use that as our new sell entry and target the strong support zone consisting of the S1 level, the 1W MA50 and 1D MA200 (TP = 78.50).
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