WTI OIL Trade according to this Channel Up.

WTI Oil (USOIL) is trading within a short-term Channel Up on the 4H time-frame, with the wider pattern still a Channel Up since the December 13 2023 market bottom. As long as the price keeps closing the 4H candles within the Channel Up, we remain bullish, targeting 81.85 (+6.64%, which is the rise of the previous Bullish Leg of the dashed Rising Megaphone).

If a 4H candle is closed below it, we will take the loss and open a sell aimed at the 4H MA200 (orange trend-line) at 77.70.


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