WTI OIL Important test for the uptrend on the 4H MA200.

WTI Oil (USOIL) has been closely following our recent projections, both the perfect buy entry caught 12 days ago after spotting the Lower Lows bottom fractal similar to September 26, as well as the most recent buy 6 days ago after the 4H MA50 (blue trend-line) held as Support:

We are again on the 4H time-frame, with the price continuing to replicate the post September 26 rise. At the moment it is testing the 4H MA200 (orange trend-line) where the price took a 1 day pause on October 04. Our signal to continue this uptrend is a closing above the 1D MA50 (yellow trend-line), where we will expect a new Lower High near the diverging Channel Down (dashed line) around the Rectangle.

Failure to do so, should have the price pull back and test the 4H MA50 again where a 1D closing below, will be a bearish signal for us targeting 72.00.

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