WTI OIL Overbought RSI = best time to sell!

WTI Oil (USOIL) has been trading within a 2-year Channel Down pattern and due to the recent Middle East geopolitical tensions, the price catapulted near its top (Lower Highs trend-line).

That made the 1D RSI overbought (>70.00) and every time that took place since September 2023, the pattern priced its Lower High and started a Bearish Leg. As a result, an overbought 1D RSI reading has been the strongest sell signal in the past 2 years.

The 'weakest' Bearish Leg after such sell signal has been -25.29%. As a result, we have turned bearish on WTI again, targeting $58.20 (-25.29%).

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