WTI Oil: Long term support in the making.

Oil has been trading sideways within a 1D Triangle (STOCH = 49.036, Williams = -47.874, CCI = 16.4043, Highs/Lows = 0.0000) since it made the 49.40 bottom. This is seen as a support build up, a necessary stage in order to comfortably test the 54.75 - 58.00 Resistance zone. As soon as this Triangle breaks, we expect 55.80 to be tested (TP), which was the previous Lower High on the aggressive Channel Down before it broke sideways.

So far it is following our long term buy projection:



** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **

Comments and likes are greatly appreciated.