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USOIL, WTI is MOSTLY impacted by fundamentals. Key levels only serve as entry and exit points. Fundamentals will destroy chart patterns any day of the week in this specific market. We caught a really good move this morning with a buy order that we had in place.
Usoilprediction
BLACK GOLDLOVE IT AND HATE IT.
Oil is going to go into a steady decline.
No interest in trading it unless it hits $39.00 or $34.48.
Already called the first drop.
This is my overall long term bias.
If it does reach $34.48 I will be looking to hold long for 2-4 weeks.
My ultimate TP zone is just below $50.00.
OIL - Black dilemmaThis is not the best setup , I'm not going to trade this because right now there are much better possibilities on the market.
The 2 reasons it's worth taking a shot :
1. 200 SMA
2. Time wise we are arriving into the timing band of the possible ICL decline.
After the severe declines the 200 SMA acted as an important resistance many times
I used it in a few ideas too:
Right now we are in the 3rd daily cycle of this intermediate cycle.Oil had every chance to break the 200 SMA and start a trending move. It didn't happen though.
The 50 SMA and 200 SMA forms an unbreakable resistance after the strong uptrend from the negative prices.
I'm expecting a bottom between the end of October and middle of November.
I will use the Fibonacci retracement to set a target:
the 50% retracement seems a reasonable target in this decline.