WTI OIL This is the only Support right now.

WTI Crude Oil (USOIL) is so far holding its 1D MA50 (blue trend-line), the natural medium-term Support, following a quick price deflation after the Israel - Iran de-escalation.

In our opinion, the trend-line that currently matters most though, is the Higher Lows coming straight from the May 05 Low. If broken, we expect a quick test of the 0.786 Fibonacci retracement level, as it resembles the December 2023 - May 2024 Higher Lows trend-line.

Even the 1W RSI is similar among the two fractals, and it has to be said that both are part of the 2-year Channel Down pattern.

So if the Higher Lows trend-line breaks, we can target $61.00.

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