WTI OIL Neutral short-term buy watch these break-out levels.

19 Apr 2022

WTI Oil (USOIL) just broke above the Lower Highs trend-line that started after the brutal March 08 multi-year High. The 4H MA50 (blue trend-line) has turned into a short-term Support while the 4H MA200 (orange trend-line) remains the short-term Resistance.

Despite the Lower Highs trend-line, the price action remains rather neutral due to March's wild swings and high volatility, unless either the 93.10 Support or the 117.00 Resistance break.
A break below 93.10 should be bearish towards the 1D MA200 (red trend-line) and then the December 20 low, but still it would be best to get a closing below the 85.50 High of 2021 before engaging into long-term selling.
A break above 117.00 should be bullish towards the 1.5 Fibonacci extension (152.60) long-term, which is the less likely scenario.

The safest strategy on the medium-term is to scalp inside the neutral zone.



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