WTI OIL heavily bearish eyeing a level untouched since Dec 2021!

WTI CRUDE OIL (USOIL) eventually followed the rough projection we made three weeks ago and made a Lower Low as it failed to break above the 1D MA50 (blue trend-line) again:


This has created a new Channel Down on the medium-term, which after closing below the 1D MA200 (orange trend-line), it is now eyeing the 1D MA300 (red trend-line) for the first time since December 02 2021! As we outlined in our previous analysis though, the downtrend is unlikely to stop there and most likely will hit the November 2020 Higher Lows trend-line around 82.00 - 83.00 before giving a relief (at least) rally.




--------------------------------------------------------------------------------------------------------

Please like, subscribe and share your ideas and charts with the community!

--------------------------------------------------------------------------------------------------------