Short

WTI OIL Weak price action on the medium-term.

WTI Oil (USOIL) is extending the Bearish Leg of the Triangle pattern after the recent January 13 rejection on the 1W MA200 (orange trend-line). Until the 1W RSI turns bearish again, and more importantly the Support Zone gets hit, we expect this bearish trend to be extended.

The strongest Demand Level for the past 2 years has been this Support Zone, so our medium-term Target is on its top at $68.00.

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