Amidst the chaos and extreme volatility of the past 2 weeks, WTI Oil (USOIL) seems to be stabilizing. Not ‘trusting’ it of course completely due to the fluid geopolitical situation but on the short-term it did break below its 4H MA100 (green trend-line) for the first time in 1 month, giving us a pattern to work with.
Technically, this is bearish continuation signal towards the next Support, which is the 4H MA200 (orange trend-line). We expect contact to be made with it at $81.00, which is exactly on the 0.5 Fibonacci retracement level from the recent Top. An additional short-term Sell Signal is the 1D RSI breaking below its 3-month Higher Lows trend-line.
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