WTI is 34 bars since the last MACD cross and it is the last line of defense using MIDAS. It is about time for a rebound, rebound target would be RSI(14) 50 level which is about 46. At this level, it should produce a MACD gold cross as well. We have to be wary of this cross as a dead cross below is deadly and should bring us to the final target of RSI 30 level.
I do not think the MIDAS will hold on daily as the retrace is happening on weekly chart. Hence a lower target of $40-41 is more probable which is the MIDAS support on weekly chart.
Finally this rebound is best captured on the hourly chart.
I do not think the MIDAS will hold on daily as the retrace is happening on weekly chart. Hence a lower target of $40-41 is more probable which is the MIDAS support on weekly chart.
Finally this rebound is best captured on the hourly chart.
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