InvestingScope

WTI Crude Oil: Downside potential.

Short
TVC:USOIL   CFDs on WTI Crude Oil
WTI Crude Oil is trading within a long term ascending Channel , which we well pointed out a couple weeks back:


The 4H chart though is turning neutral again ( RSI = 49.100, MACD = 0.140, ADX = 33.703) due to the continuous consolidation with the 4H MA50 as Support. As seen on the chart, this resembles the top build-ups on July 8th and 29th, with the MACD and RSI reading also similar. What followed after the top was formed was roughly a -6.50% decline. Right now this extension is around 40 .00 and that will be a buy entry for us. Longer-term investors can look for an even deeper opportunity on the 2-month Support Zone .



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Comments

As always, great TA. Similar here but not ready to short yet
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