TradingView
InvestingScope
Apr 6, 2020 3:54 PM

WTI Crude Oil: Channel Up on 4H aiming 30.00. 

TVC:USOIL240
WTI CRUDE OILTVC

Description

⋅
Oil appears to be trading within a Channel Up formation on the 4H chart (RSI = 62.702, MACD = 1.460, ADX = 28.496, CCI = 59.3622) having so far made two Higher Highs and one Higher Low.

Since the MACD is about to make a Bear Cross, we are expecting the price to pull back now for its 2nd Higher Low and make contact with the 4H MA50 (blue trend line). Our Target Zone is 30.00 - 32.00 which is where we expect to price its 3rd Higher High and make contact with the 4H MA200 (orange line).



** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **

Comments and likes are greatly appreciated.
Trend AnalysisChart PatternsTechnical IndicatorsOilCrude OilcrudewticrudeoilWTIwtioilEnergy CommoditiesCommoditiesCrude Oil WTI
Comments
Enthusiast
⋅
Hi, Beginner and a very basic question ...MA 50...$22.96 (blue trend line)?

Thanks!
InvestingScope
⋅
@Enthusiast, Hello, yes that is correct. You can see the MA periods and indicators used in general on the top left corner of the chart.
Enthusiast
⋅
@InvestingScope, Thanks very much!
glennleese
⋅
Great chart mate
More