- October 19, 2021
- Posted by: Tradingshot Articles
- Category: Commodities
On my most recent WTI Oil idea I laid out the reason why I expected it to tun parabolic towards $82.50:
That target has now been reached and on the 1D time-frame, WTI is approaching a very strong Support cluster both on price and RSI terms.
As you see the price is close to the internal Higher Highs trend-line that connects the March 08 and July 06 Highs. Also it is approaching the 2.0 Fibonacci extension of the Fibonacci Channel that is trading on since March. This extension is key because as you see the previous Higher Highs have been rising on a +0.5 Fib interval (1.0 and 1.5). The next in line is arithmetically 2.0.
At the same time, the 1D RSI is testing the 76.30 Resistance. The July 06 High came on a RSI Triple Top. We already have a Double Top. Watch this sequence closely as a potential Triple Top may be the signal for the correction. The 1D MA50 and 1D MA200 are there to offer Support.