WTI Crude Oil: Touched the 1W MA200. Potential Support & Rebound
Oil has completed three red weeks, making a strong correction since the Iranian crisis. In doing so, the price has just made contact with the 1W MA200 (orange trend line) and since the 1W chart turned neutral (RSI = 45.808, STOCH = 47.665, CCI = -38.1509, MACD = 0.520, ADX = 23.460) we may have a Support and a valid long term buy level.
Notice how the 1W MA200 has been providing Support since mid January 2019, making this a full year of Support for Oil. This is a strong indication that buyers are accumulating periodically here. The same sequence is spotted in 2016/2017 with the 1W MA50 providing this time Support for 1 full year. The pattern is quite similar.
Based on the above we've set a medium term Target at 63.50 and a long term at 69.00.
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Notice how the 1W MA200 has been providing Support since mid January 2019, making this a full year of Support for Oil. This is a strong indication that buyers are accumulating periodically here. The same sequence is spotted in 2016/2017 with the 1W MA50 providing this time Support for 1 full year. The pattern is quite similar.
Based on the above we've set a medium term Target at 63.50 and a long term at 69.00.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial