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Wtitrading

WTI CRUDE OIL: Testing the 1D MA50 after 2 months.WTI Crude Oil came to day to the closest point it has been near the 1D MA50 in more than 2 months, since the February 6th breakout. The 1D technical outlook is neutral (RSI = 48.820, MACD = 1.03, ADX = 27.71) indicating that this is the most efficient buy entry since the February low. The market has already formed a 1D Golden Cross and displays striking similarities with the 2023 rally, which on August 24th 2023 made a bottom near the 1D MA50 and on the 0.5 Fibonacci level with the price then rallying enormously to 95.00. Due to this strong symmetry, we expect an identical pattern thus turning bullish again and aiming at the R1 level (TP = 95.00) once more. See how our prior idea has worked out: ## 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: Going to $100 by end of May.WTI Crude Oil is on very healthy bullish levels on the 1D time-frame (RSI = 63.780, MACD = 1.930, ADX = 37.316) as well as on 1W (RSI = 60.882). This supports the notion that until 1W turns overbought, the 1D can continue to sustain the bullish sequence that started on the December 13th 2023 low. Having formed a 1D Golden Cross just this Tuesday, the last time we got that formation was on August 22nd 2023. You can see that WTI was within the 0.5 - 0.618 Fibonacci range then and immediately rallied after the Cross to complete a +49.50% rise from the bottom. We expect a similar trend reaction and we are targeting slightly under the symmetric +49.50% mark (TP = 100.00). See how our prior idea has worked out: ## 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: Any pull back is a bargain to buy.WTI Crude Oil delivered what was expected, it hit our long term TP = 66.00 and is rebounding after a new Lower Low at 63.65 (S1). The 1D RSI is still very low (35.546) while the 4H technicals just got out of their yesterday's remarkably oversold condition (RSI = 36.200, MACD = -1.970, ADX = 63.277). Our short term target is the 0.382 Fibonacci (TP = 71.25) and medium term the 0.618 Fibonacci (TP = 75.50). We don't rule out one last pull back and if it happens it will be another bargain to buy low, as it was on March 20th. Regardless of that, the 4H MA50 is always a candidate for rebounds and it can match the 71.25 short term target ideally. Prior idea: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
2
US OIL : Break above 39.30 required for Bullish ContinuationOIL has started the downward correction and reached around 34.60 which is the Fibo Extn. 1.61 Usually, if the price extends above 100% on Fibo, it's a sign of trend formation; one can expect the pullback and continuation of the move in the same direction. Therefore, I remain bearish for OIL until it closes above the falling trendline and breaks resistance at 39.30 GOOD LUCK FOR YOUR TRADES !!! PLEASE SHOW YOUR SUPPORT IF YOU LIKED THE IDEA
TVC:USOILShort
by moneytize
3
USOIL Near a long term support. Optimal Buy.USOIL is on a strong decline following the January 08 high, below both the MA50/200. Levels to watch: - The Resistance is at 66.60 while the Support at 50.55. - The RSI has hit the 6 month support level. - The Golden Cross late in December marked the top. Projection: - The 50.55 - 51.90 Zone has provided support and a buy level since June 2019. The pattern (both candles and RSI) is similar to May - June with the Golden Cross preceding the decline to the Support. We are therefore expecting a strong rebound on the support zone with an initial target the 1D MA50. If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!
TVC:USOILLong
by PrimeXBT