WTI OIL decline continuation and potential bounce around 69.40.

WTI Oil (USOIL) almost hit our 75.00 target with Monday's gap up, as we discussed on our analysis last week (see chart below):


The rejection was made slightly above the 1D MA50 (blue trend-line) and the Higher Highs trend-line. We now expect this pull-back to test the 69.40 Symmetrical Support and rebound. Our new target will be 74.00, at the bottom of the Triangle rejection Zone and below both the 1D MA50 and possibly at the time the 1D MA100 (green trend-line).

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