WTI Oil (USOIL) has been on an aggressive consolidation ever since the U.S. - Iran war started a month ago. The volatility is so high that there is no clear direction and it is virtually impossible for the market to stabilize and reach either the High or the Low of the March 09 1W candle.
As mentioned about a month ago, the Oil market is no stranger to this price action. In fact this is very similar to the pattern following the 2022 Ukraine - Russia war. Both started on the month of March and so far we our following that blueprint.
Based on that, we could reach a second peak near June and then correct towards first the 1W MA50 (blue trend-line) around $85.00 and then the 1W MA100 (green trend-line) around $77.00.
Notice also that the 1W RSI reached a similar peak as February 28 2022 and is reversing.
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As mentioned about a month ago, the Oil market is no stranger to this price action. In fact this is very similar to the pattern following the 2022 Ukraine - Russia war. Both started on the month of March and so far we our following that blueprint.
Based on that, we could reach a second peak near June and then correct towards first the 1W MA50 (blue trend-line) around $85.00 and then the 1W MA100 (green trend-line) around $77.00.
Notice also that the 1W RSI reached a similar peak as February 28 2022 and is reversing.
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** 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. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.