WTI Oil (USOIL) didn't fail us on our last bearish idea (February 20, see chart below), where we called the 1D MA50 rejection:
The decline didn't just hit our $69.00 Target but also broke below the medium-term Channel Up and entered the 2-year Support Zone.
The long-term dynamics should gradually start emerging now and the principle parameter is that every time this Support Zone gets hit, WTI starts strong medium-term rallies.
Technically (even on 1W MACD terms), the decline since mid January is very similar with the one of mid April 2023. Both were produced after another Support Zone rebound and before that a long-term Channel Down (red) preceded them.
As a result, we expect a strong rebound for at least the next 2 months, which (as in the case of Fractal 1) should initially target at least January's High at $80.50.
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The decline didn't just hit our $69.00 Target but also broke below the medium-term Channel Up and entered the 2-year Support Zone.
The long-term dynamics should gradually start emerging now and the principle parameter is that every time this Support Zone gets hit, WTI starts strong medium-term rallies.
Technically (even on 1W MACD terms), the decline since mid January is very similar with the one of mid April 2023. Both were produced after another Support Zone rebound and before that a long-term Channel Down (red) preceded them.
As a result, we expect a strong rebound for at least the next 2 months, which (as in the case of Fractal 1) should initially target at least January's High at $80.50.
-------------------------------------------------------------------------------
** 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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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact [email protected] t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact [email protected] t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.