WTI OIL Major bullish signals last seen in July.

WTI Oil (USOIL) Closed last week above the 1D MA50 (red trend-line) for the first time since July, which technically puts an end to the October - December 2023 downtrend but perhaps that's not the strongest bullish signal we've seen now. The asset completed on Friday a Golden Cross on the 4H time-frame, the first such formation since July 10th 2023.

That was at the start of a very aggressive rally up to late September to $95.00. We can yet speculate on such high target prices but on the shorter term, as long as the 4H RSI Higher Lows trend-line gives us another rebound, it should be enough not just to break above the Lower Highs of the price's Triangle but also above Resistance 1 (76.15). Our short-term target is 79.40, just below Resistance 2.

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