InvestingScope
Long

WTI Crude Oil: 1W Support reached. Long term Buy opportunity.

FX:USOIL   CFDs on Crude Oil (WTI)
Oil has almost made contact today with the 50.55 1W Support after a very disappointing 8 red candle streak which has turned 1D bearish ( RSI = 36.455, MACD = -0.740, Highs/Lows = -3.6829).

We see this decline as the most optimal buy entry both on the medium and long term as despite 50.55 being a 4 month Support and strong buyer accumulation zone, the RSI is coming off Higher Lows and making Higher Highs. The symmetry on the duration of each Low to Low and Low to High, allows us to project the rise on a 1 - 1.5 month horizon.

The Medium term Target Zone is 60.90 - 63.30 and those on a longer term perspective can take the profit within 63.80 - 66.60.





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

Comments and likes are greatly appreciated.
High quality portfolio management, asset allocation with excellent risk management. Grow your account, achieve steady profit levels and increase your trading edge with InvestingScope (http://www.investingscope.com).
Accumulation
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out