WTI Oil: Buy opportunity short term. Scenarios moving forward.

FX:USOIL   CFDs on Crude Oil (WTI)
Oil is trading sideways on the 1H chart ( RSI = 47.613, MACD = -0.080, ADX = 28.589) as it is consolidating on the 19.20 Support. The MACD on the 4H chart just made a bullish cross and if the sequence of March 31 is repeated then we can have a rebound towards the 29.20 Resistance. That would however break the 4H MA200 (orange trend line ) which hasn't been testes since January 10th and if broken would be a sign of stabilization and recovery for the market. So until then it is best to target the Lower High trend line of the Descending Triangle .

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Very well done, thank you.
what about the huge difference between the May and June contract? Difficult to try a long...
RR13666 Sandro29
@Sandro29, i don't know about that. i was on plus500 and my position rolled over. i was in the position @ 20$ and is now trading @ 26$ but the contract expired yesterday... so basicly i got nothing out of it.
@RR13666, same for me, but I don't understand the futures on plus500. Where does the price come from? Seems quite random to me.
RR13666 pacificorosmry
@pacificorosmry, every month the contract resets. i think they were expecting these lower prices. the way i see it is that they try to avoid that people like us buy at 10 dollar. I am going to keep an eye on the 22$ and if the price moves towards 10$ in a flash crash i'm certainly longing oil. otherwise its to risky for me.
I like your analysis, very clear and descriptive
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