WTI Crude Oil: Bullish Reversal and Key Levels
USOIL WTI Crude Oil: Bullish Reversal and Key LevelsAnalysis:
The chart displays the 4-hour price action of WTI Crude Oil (TVC: USOIL) with multiple technical indicators and annotations. The price is currently at $74.01, showing a slight decline of 0.35%. The chart includes the following elements:
Price Action and Trend Lines:
The price has been moving within a descending channel, with recent price action suggesting a potential breakout.
There are several horizontal support and resistance levels marked by green and blue dotted lines.
Smart Money Concepts (SMC):
Multiple "Choch" (Change of Character) annotations indicate potential shifts in market structure.
The price is currently near a significant support level around $70.48, suggesting a potential area for accumulation.
ICT Elliott Wave:
The chart shows potential Elliott Wave patterns with Fibonacci retracement levels (0.618 at $72.35 and 0.786 at $72.05) indicating key levels for potential reversals.
Indicators:
RSI (Relative Strength Index): The RSI is at 71.17, indicating overbought conditions but also suggesting strong bullish momentum.
Volume Profile: The volume profile on the right side shows high trading activity around the $70.48 to $74.01 range, indicating strong support and resistance zones.
MACD (Moving Average Convergence Divergence): The MACD histogram shows green bars, indicating bullish momentum.
Buy Strategy:
Entry: $72.05 (near the 0.786 Fibonacci retracement level)
Take Profit 1 (TP1): $74.01 (current resistance level)
Take Profit 2 (TP2): $76.00 (next significant resistance level)
Stop Loss (SL): $70.48 (below the recent support level)
Sell Strategy:
Entry: $74.01 (current resistance level)
Take Profit 1 (TP1): $72.05 (0.786 Fibonacci retracement level)
Take Profit 2 (TP2): $70.48 (recent support level)
Stop Loss (SL): $76.00 (above the next significant resistance level)
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This detailed analysis utilizes Price Action, Smart Money Concepts (SMC), and ICT Elliott Wave strategies to formulate comprehensive buy and sell strategies. The indicators, such as Fibonacci retracement levels, RSI, and MACD, support the analysis and identify key levels for entry, take profit, and stop loss.
Alex Gold Hunter
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