Market Overview
WTI Crude Oil (USOIL) has experienced a strong correction from the $79 peak, dropping to a key support area around $70.75 – $70.87. This level aligns with the 0.0% Fibonacci retracement of the previous rally and a significant demand zone that has been tested before.
Technical Analysis
Strong Support at $70.75 – $70.87
Price is reacting positively at this key support zone, with increasing buying pressure.
A wick rejection candle and rising volume indicate potential bullish interest.
Short-Term Rebound Targets
The first target is $71.76, a nearby resistance level.
The next potential upside range is $73 – $75.63, aligning with the 0.236 and 0.382 Fibonacci retracement levels, along with the moving averages.
Confirmation Signals
A reversal candlestick pattern has emerged at the support zone.
The RSI indicator shows a bullish divergence, suggesting a potential price recovery.
Trading Strategy
Entry (Long Position): Buy around $70.80 – $71.00.
Take Profit (TP):
Target 1: $71.76
Target 2: $73.50 – $75.63 (expected early next week)
Stop Loss (SL): $69.80
Good luck Everybody!
WTI Crude Oil (USOIL) has experienced a strong correction from the $79 peak, dropping to a key support area around $70.75 – $70.87. This level aligns with the 0.0% Fibonacci retracement of the previous rally and a significant demand zone that has been tested before.
Technical Analysis
Strong Support at $70.75 – $70.87
Price is reacting positively at this key support zone, with increasing buying pressure.
A wick rejection candle and rising volume indicate potential bullish interest.
Short-Term Rebound Targets
The first target is $71.76, a nearby resistance level.
The next potential upside range is $73 – $75.63, aligning with the 0.236 and 0.382 Fibonacci retracement levels, along with the moving averages.
Confirmation Signals
A reversal candlestick pattern has emerged at the support zone.
The RSI indicator shows a bullish divergence, suggesting a potential price recovery.
Trading Strategy
Entry (Long Position): Buy around $70.80 – $71.00.
Take Profit (TP):
Target 1: $71.76
Target 2: $73.50 – $75.63 (expected early next week)
Stop Loss (SL): $69.80
Good luck Everybody!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.