WTI OIL Channel Up rejection at the top. More selling ahead?WTI Oil (USOIL) almost hit our $93 target on our last idea two weeks ago (see chart below) and yesterday reached the top (Higher Highs trend-line) of the 3-month Channel Up:
The first reaction is so far a rejection that has already taken the price to the 4H MA50 (blue trend-line). This is the first contact with it in 3 weeks but it's not a confirmed sell yet as during the previous Higher Highs run it got breached several times and still rebounded. The confirmation came when it broke below the 4H MA100 (green trend-line).
As a result, we are only willing to take a confirmed break-out sell below the 4H MA100 and target $85.00 which is the bottom (Higher Lows trend-line) of the Channel Up (-8.68% from the top).
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