InvestingScope

WTI Oil: Sell and Buy entries within the Channel Up.

TVC:USOIL   CFDs on WTI Crude Oil
Oil hit our last buy target (57.30) and the 1D Channel Up ( RSI = 58.982, MACD = 0.300, Highs/Lows = 1.1300) is near its Higher High trend line . As mentioned since October 16th, the Higher Highs of the Channel are symmetrical with the Lower Lows of September's downtrend (see that idea below):


We are expecting a similar price action with a rebound near the 4H MA200 (55.00). Our long Target is 58.50.





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And oil down! Nice
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Still expecting this to hit 55 before 58.5? Stuck in a short, any clue when we can see 55 again?
+1 Reply
InvestingScope privatedropout
@privatedropout, Yes we still expect the price to reach 55 - 55.50 before a stronger bullish leg. The horizon is 1 week.
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Masuparadigo InvestingScope
@InvestingScope, do you think downwards movement is done or will we see some more down movement before up again
+1 Reply
InvestingScope Masuparadigo
@Masuparadigo, One more leg down is due based on that Channel.
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