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WTI Oil Company Still Tracking Ukraine-Russia War Plot.
West Texas Intermediate Crude Oil TV Commercial: American Petroleum Company
WTI Oil Company Still Tracking Ukraine-Russia War Plot.
WTI Oil (USOIL) has embarked on an aggressive consolidation process since the war between the United States and Iran broke out a month ago. The volatility is so high that there is no clear trend and it is almost impossible for the market to stabilize and reach the high or low of the 09 Mar 1W candle.
As mentioned a month ago, the oil market is no stranger to this kind of price action. In fact, this is very similar to the pattern that followed the 2022 war in Ukraine and Russia. Both started in March and so far we are following that blueprint.
Therefore, we may reach a second peak near June, followed by a correction to the 1W MA50 (blue trendline) around $85.00, and then a correction to the 1W MA100 (green trendline) around $77.00.
Also note that the 1W RSI reached a similar peak on February 28, 2022 and vice versa.
