WTI OIL Is the Channel Down going to bounce?
WTI CRUDE OIL TVC:USOIL
WTI Oil (USOIL) has been trading within a 1.5-month Channel Down and broke below the 1D MA200 (orange trend-line) for the first time since July 17. This technically extends the current Bearish Leg.
If it bottoms after a -16.71% decline like the previous Lower Low, a rebound towards the 0.618 Fibonacci level could take place. Target $80.00.
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