The price broke the November low (49.35) and has entered into medium term bullish territory looking for an extension on the current 4H Channel Up (RSI = 71.469, MACD = 1.090, Highs/Lows = 1.1843, BBP = 2.7960). However the overbought levels (STOCHRSI, ADX, Williams, Ultimate Oscillator) can pull the price lower for a Higher Low, currently supported at 49.35. This bullish break-out has high probabilities to form an Inverse Head and Shoulders pattern on 1D (also entered bullish territory on RSI = 56.738, Highs/Lows = 3.2479), aiming to consolidate for the next 20 days within 49.35 - 54.485. We are taking this opportunity to go long on a more modest TP = 52.630, as the Higher High of the current channel.
After all as a previous long term analysis shows (see below), December's low was on the 42.005 1M (monthly) support giving WTI oil high chances of a sustainable rebound:
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After all as a previous long term analysis shows (see below), December's low was on the 42.005 1M (monthly) support giving WTI oil high chances of a sustainable rebound:
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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I trade Crypto, Forex, Indices & Commodities all from one account on PrimeXBT with TradingView charts
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.