WTI Oil: Hit the long term bottom. Potential for +$70.
Following our latest analysis (www.tradingview.com/...or-the-next-3-years/) on how Oil would make a near 50.00 bottom in the coming weeks, we now turn our attention on the potential levels to watch.
Our estimate based on the similarities between the January 2009 and February 2016 sequences we have calculated a strong 3 year consolidation (November 2016 - December 2021) roughly within $50 and $73. Our reccomendation was a buy/ sell pattern on a long term Rectangle (buy near $50 - $53 and sell near $70 - $73).
On the shorter term (4H, 1D) scale we have a strong Resistance zone at 54.75 - 58.00. Even if the current 1D Channel Down (RSI = 21.235, MACD = -4.280, Highs/Lows = -3.4536, B/BP = -8.4060) breaks upwards, it would still need to overcome this Resistance zone in order to support a sustainable uptrend.
Traders looking for a quick short term trade opportunity can target 53.10 (TP = 53.00) as the Lower High within the Channel Down, as the Lower High sequence indicates a 5.90% rise after each Low.
Take each recommendation depending on the time frame you operate, whether you are a short term trader or a long term investor.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
Our estimate based on the similarities between the January 2009 and February 2016 sequences we have calculated a strong 3 year consolidation (November 2016 - December 2021) roughly within $50 and $73. Our reccomendation was a buy/ sell pattern on a long term Rectangle (buy near $50 - $53 and sell near $70 - $73).
On the shorter term (4H, 1D) scale we have a strong Resistance zone at 54.75 - 58.00. Even if the current 1D Channel Down (RSI = 21.235, MACD = -4.280, Highs/Lows = -3.4536, B/BP = -8.4060) breaks upwards, it would still need to overcome this Resistance zone in order to support a sustainable uptrend.
Traders looking for a quick short term trade opportunity can target 53.10 (TP = 53.00) as the Lower High within the Channel Down, as the Lower High sequence indicates a 5.90% rise after each Low.
Take each recommendation depending on the time frame you operate, whether you are a short term trader or a long term investor.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
Telegram: t.me/investingscope
www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
