WTI OIL forming multi-year bottom. $115 rally expected.WTI Oil (USOIL) is trading below its 1M MA200 (orange trend-line) for the 4th straight month. The fact that it hasn't made a new Low yet, is a sign of strong long-term buying pressure here, hence a Support base.
Technically the price is forming the new multi-year bottom of this Cycle, similar to the below 1M MA200 bottom formation during November 2001 - January 2002. As you can see, those two decade long patterns are very similar in terms of price action, something that is also visible on their 1M RSI fractals.
The fact that a 1M Golden Cross was formed last May, makes the sequence even more bullish. The 2002 bottom initiated a rally, which in 1.5 year hit the Resistance Zone that was in place for more than 10 years. This time we have a Resistance Zone that goes back to 2011 and last time it rejected the price in March and June 2022 during the Ukraine - Russia war peak.
When the price breaks the 1M MA50 (blue trend-line) again and closes above it, we may have an even stronger rally (fueled by inflationary forces of course, as the Fed continues their Rate-cut Cycle), as long as the 1M candles keep closing above the 1M MA50.
In any case, our Target for the next 12 - 18 months is $115.00 (just inside the Resistance Zone).
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