Long

WTI CRUDE OIL: Overbought on 1D but still bullish.

WTI Crude Oil turned overbought on the 1D time-frame (RSI = 70.618, MACD = 2.330, ADX = 75.260) as it is extending its relentless rally inside a Channel Up pattern since the June 28th low. This 1 month uptrend is approaching the R1 (83.50), which is the High of April 12th and current Resistance. We are using this as a short-term buy opportunity (TP1 = 83.50). As long as the Channel Up holds, we will buy again upon a pull back (TP2 = 85.50). If the price crosses under the 4H MA100 though, it would mean the end of the bullish trend, and we will shor, targeting S1 (TP = 74.00).

Prior idea:

S&P500: First buy conditions following the top are emerging.

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