WTI Crude Oil Buy Recommendation – Short-Term Rebound Opportunit
Market Overview
WTI Crude Oil (USOIL) has experienced a strong correction from the $79 peak, dropping to a key support area around $70.75 – $70.87. This level aligns with the 0.0% Fibonacci retracement of the previous rally and a significant demand zone that has been tested before.
Technical Analysis
Strong Support at $70.75 – $70.87
Price is reacting positively at this key support zone, with increasing buying pressure.
A wick rejection candle and rising volume indicate potential bullish interest.
Short-Term Rebound Targets
The first target is $71.76, a nearby resistance level.
The next potential upside range is $73 – $75.63, aligning with the 0.236 and 0.382 Fibonacci retracement levels, along with the moving averages.
Confirmation Signals
A reversal candlestick pattern has emerged at the support zone.
The RSI indicator shows a bullish divergence, suggesting a potential price recovery.
Trading Strategy
Entry (Long Position): Buy around $70.80 – $71.00.
Take Profit (TP):
Target 1: $71.76
Target 2: $73.50 – $75.63 (expected early next week)
Stop Loss (SL): $69.80
Good luck Everybody!
WTI Crude Oil (USOIL) has experienced a strong correction from the $79 peak, dropping to a key support area around $70.75 – $70.87. This level aligns with the 0.0% Fibonacci retracement of the previous rally and a significant demand zone that has been tested before.
Technical Analysis
Strong Support at $70.75 – $70.87
Price is reacting positively at this key support zone, with increasing buying pressure.
A wick rejection candle and rising volume indicate potential bullish interest.
Short-Term Rebound Targets
The first target is $71.76, a nearby resistance level.
The next potential upside range is $73 – $75.63, aligning with the 0.236 and 0.382 Fibonacci retracement levels, along with the moving averages.
Confirmation Signals
A reversal candlestick pattern has emerged at the support zone.
The RSI indicator shows a bullish divergence, suggesting a potential price recovery.
Trading Strategy
Entry (Long Position): Buy around $70.80 – $71.00.
Take Profit (TP):
Target 1: $71.76
Target 2: $73.50 – $75.63 (expected early next week)
Stop Loss (SL): $69.80
Good luck Everybody!
Disclaimer
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