Long

WTI OIL Oversold rebound at the bottom of 7-month Channel Down.

WTI Oil (USOIL) hit last week the bottom (Lower Lows trend-line) of the 7-month Channel Down while its 1D RSI turned oversold (<30.00), the lowest it's been since March 2020 and the COVID crash.

Naturally, the price rebounded but still hasn't even tested the 1D MA50 (blue trend-line), which indicates that it remains a strong medium-term buy opportunity. With the previous Lower Low almost reaching the 0.786 Fibonacci retracement level, we expect to see at least $72.50 in the medium-term.

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