WTI Oil: Rebounding!

FX:USOIL   Crude Oil (WTI)
1512 12 26
WTI Crude Oil             could be heading for a rebound as price has shown technical recovery signs

- Major bullish Hammer
- long term rising trend line and
- 90.40 horizontal support.
- Bullish divergence on RSI

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2 years ago
Thanks, i saw the hammer and i was debating whether to enter now or wait for a pullback which might not happen to get long, are you planning to buy and at what entry price? good luck
Technician TOP LudmilaHanania
2 years ago
I am not willing to buy here, if i see a correction to around 90.50 i would. The only way i would buy above that level is to see a strong bullish signal over the four-hour chart.
LudmilaHanania Technician
2 years ago
Thank you, entering here needs a hefty stop loss , but i think you are correct , looks like it is heading higher .
+2 Reply
elcololp Technician
2 years ago
Tim, can you help me with this chart ... I cant see the same in tradingview.. why?
Yes, here was my take yesterday:

I'm glad I could manage a long @ 88.6 when i saw the drop was losing steam.

Nice target, it makes sense in a first approach.
+1 Reply
2 years ago
May I know why i cannot see the updated market for this chart? Thanks.
J.Livermore PRO VelsonChew
2 years ago
Try "USOIL" ticker.
+1 Reply
ExperienceTrading J.Livermore
2 years ago
I understand the hammer but what about the double top and the downward trend? Is the double top not valid then?
J.Livermore PRO ExperienceTrading
2 years ago
The idea is to catch a bounce on relatively strong technical supports:
* bottom of the red channel
* proven horizontal support around ~90.

Especially after a drop (or a rise) which was almost exponential, the reward is way greater than the risk.

The trade was short term. But any trades should same the follow logic: buy near supports when it falls, and sell near resistance when price goes up.
+1 Reply
That rebound scenario failed, looks pretty bearish
+1 Reply
VelsonChew Technician
2 years ago
Close the market with SL , lose is path to success , we hope you can come out with an great analysis next time :)
oluies Technician
2 years ago
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