WTI Oil: Long signal on the Higher Low. Golden Cross emerging.

Oil has been trading within a 4H Channel Up (RSI = 53.399, MACD = 0.280, Highs/Lows = -0.0057) since the beginning of October. Today the pattern made a Higher Low and naturally the price rebounded above the 4H MA200 (orange line). The expected target is 57.30 which is marginally under the 57.70 Top of the current bullish leg (safer call).

If you remember our last call, the Higher Highs of the Channel are symmetrical with the Lower Lows of Septembers downtrend. See how accurately this pattern traded:

Also keep in mind that 4H is about to form a Golden Cross (MA50 over MA200) which is a bullish pattern and last time that happened in September 6th, Oil hit the 63.35 High in 10 days.





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