TradingShot

WTI OIL Excellent buy opportunity.

Long
TVC:USOIL   CFDs on WTI Crude Oil
WTI OIL (USOIL) has been trading within a long-term Rectangle since the August 30 High. This is most accurately displayed by the use of the Fibonacci retracement levels where we can see that the majority of the price action has been within the 0.236 - 0.618 Fibonacci range. We call that the "High Volatility Zone". On November 16 the price almost hit the bottom of that Zone and since the 1W MA200 (red trend-line) is just below and has been the long-term Support (hasn't closed a 1D candle below it since January 29 2021!), we consider the commodity to have significant upside potential.

On top of that, the 1D RSI has Double Bottomed on the oversold barrier of 30.00 (where it always gave strong rallies on May 04 2023, March 17 2023, December 09 2022 and September 26 2022) while the 1D MACD formed a Bullish Cross (with all such crosses below the 0.00 mark being a buy signal).

We are bullish at least for the short-term, targeting the 0.5 Fibonacci level at 80.50, expecting also a potential contact with the 1D MA50 (blue trend-line).

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