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WTI CRUDE OIL: confirmed bottom formation. Buy and target 77.50.WTI Crude Oil is bearish on its 1D technical outlook (RSI = 42.429, MACD = -0.380, ADX = 24.190) but that bearish sentiment is the ideal buy entry as the price hit today the top of the S1 Zone and stayed supported, extending the sideways price action of the last 2 days. The 4H RSI is on HL, which has been the distinct characteristic of all prior 3 bottoms. Being on the 0.236 Fibonacci level, we expect a strong rebound to start even as soon as tomorrow, to test the bottom of the R1 Zone (TP = 77.50). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
1
WTI OIL forming multi-year bottom. $115 rally expected.WTI Oil (USOIL) is trading below its 1M MA200 (orange trend-line) for the 4th straight month. The fact that it hasn't made a new Low yet, is a sign of strong long-term buying pressure here, hence a Support base. Technically the price is forming the new multi-year bottom of this Cycle, similar to the below 1M MA200 bottom formation during November 2001 - January 2002. As you can see, those two decade long patterns are very similar in terms of price action, something that is also visible on their 1M RSI fractals. The fact that a 1M Golden Cross was formed last May, makes the sequence even more bullish. The 2002 bottom initiated a rally, which in 1.5 year hit the Resistance Zone that was in place for more than 10 years. This time we have a Resistance Zone that goes back to 2011 and last time it rejected the price in March and June 2022 during the Ukraine - Russia war peak. When the price breaks the 1M MA50 (blue trend-line) again and closes above it, we may have an even stronger rally (fueled by inflationary forces of course, as the Fed continues their Rate-cut Cycle), as long as the 1M candles keep closing above the 1M MA50. In any case, our Target for the next 12 - 18 months is $115.00 (just inside the Resistance Zone). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
1
WTI OIL targeting the 1D MA200 at $76.50WTI Oil (USOIL) managed to close yesterday above its 1D MA50 (blue trend-line) despite breaking below it intraday. Even if we see a pull-back like September 25-26, Oil is more likely to test the 1D MA200 (orange trend-line) as since the August 12 High, the market is practically ranging between the Support and Resistance Zones. Our Target is $76.50. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILLong
by TradingShot
WTI CRUDE OIL: Strong rebound on the 18 month Support.WTI Crude Oil is neutral on its 1D technical outlook (RSI = 53.224, MACD = -0.080, ADX = 22.753) as it rebounded again on the S1 Zone and already reached the 1D MA50. Even though another test of the S1 Zone is possible according to the multiple tests of the May-June 2023 pattern, the upside is more likely to happen eventually through a test of the 1D MA200. Our target is limited however below the LH trendline (TP = 77.50) as we don't yet have valid grounds to extend buying above it. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
WTI CRUDE OIL Final Resistance test before $77.50WTI Crude Oil hit today the 7 day Falling Resistance. A break above it will be bullish as that has been the case on 2 similar patterns previously. We are ahead of a Golden Cross (1h), which on the 2 previous patterns, has confirmed the uptrend. Trading Plan: 1. Buy if the Falling Resistance breaks. Targets: 1. 77.50 (Resistance 1). Tips: 1. The RSI (1h) is printing a pattern similar to the September run. Please like, follow and comment!!
TVC:USOILLong
by TradingBrokersView
2
WTI CRUDE OIL: 1H Death Cross suggests another Low is coming.WTI Crude Oil is bearish on its 1D technical outlook (RSI = 42.281, MACD = -0.560, ADX = 26.062) with the bearish bias evident as in the last 3 weeks the price is trading inside a Channel Down. The formation of a 1H Death Cross earlier today, draws comparisons with the October 15th one. Both price actions found a temporary support on the 1.382 Fibonacci level at the time of the Death Cross but the 1H RSI was rebounding on a bullish divergence. We expect the price to extend replicating that bearish wave and approach the 1.618 Fib eventually (TP = 66.00). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILShort
by InvestingScope