- May 4, 2023
- Posted by: Tradingshot Articles
- Category: Commodities
WTI Oil (USOIL) hit the last remaining targets as pointed out on our April 24 idea:
In fact, this completed our long-term 3 target approach as presented on our analysis three weeks ago:
That has come after a Double Bottom buy almost 2 months ago (March 16), which falls into our usual long-term swing trading approach that we apply successfully on our activities:
Right now we are on a similar buy opportunity like that idea above almost 2 months ago, as not only did the price bounce aggressively on the 64.50 Support (previous Low) but also the 1D RSI got oversold (30.00) and is rebounding. That has been a common feature on all previous Lower Lows within the long-term (8-month) Channel Down pattern that started on the August 30 2022 High.
Every bullish leg towards the Channel Down Top, has always hit at least the 1D MA50 (blue trend-line). That is currently at 75.66 but declining aggressively and we expect contact to be made at 73.90, which is the top of the 5-month Pivot Zone (that has been a Support for 3 months straight). The previous Lower High (April 13) was made exactly on the 1D MA200 (orange trend-line) which is the long-term Resistance, so it is very likely to hit that level also on the long-term but until then we will have our outlook updated.