WTI Oil: Bottom made, Channel Down broke. 55.80 ahead.

The short term TP = 53.00 has been hit as last week's 49.40 provided enough support not just to hold the downtrend but also to break the 1D Channel Down upwards (ADX = 66.606, Ultimate Oscillator = 51.030, B/BP = 0.3260). It stays however largely on neutral ground (Highs/Lows = 0.0000) as the MA20 period (54.97 - 55.42) hasn't yet been recovered. The Resistance zone remains 54.75 - 58.00 but breaking it will most likely be 2-week long process. In the meantime short term traders can go long and TP = 55.80.

However since last week was most likely the much anticipated long term bottom as per our long term research study (click here and here), we can now expect a sustainable uptrend towards 73.00.

See how we derive the 73.00 long term target:





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