{"id":11533,"date":"2021-09-17T09:41:51","date_gmt":"2021-09-17T09:41:51","guid":{"rendered":"https:\/\/tradingshot.com\/?p=11533"},"modified":"2023-05-04T09:43:56","modified_gmt":"2023-05-04T09:43:56","slug":"wti-oil-inverse-head-and-shoulders","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2021\/09\/17\/wti-oil-inverse-head-and-shoulders\/","title":{"rendered":"WTI OIL Inverse Head and Shoulders"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Last time I made a post on WTI Oil the price was still struggling to get past both a very strong Lower Highs trend-line and the 1D MA50 (blue trend-line on the left chart):<\/p>\n<div class=\"tv-embeded-image\"><a class=\"js-embeded-chart-image tv-embeded-image__link\" title=\"WTI OIL analysis on the 1D and 4H time-frames\" href=\"https:\/\/www.tradingview.com\/chart\/USOIL\/rX7EHR24-WTI-OIL-analysis-on-the-1D-and-4H-time-frames\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"js-image-lazy-load\" src=\"https:\/\/s3.tradingview.com\/r\/rX7EHR24_big.png\" alt=\"WTI OIL analysis on the 1D and 4H time-frames\" \/><\/a><\/div>\n<p>Well the price managed to break and close above both and rallied. The rejection though near the 74.15 Resistance has formed an Inverse Head and Shoulders (IH&amp;S). Look how the Pivot Zone mentioned on the previous analysis is almost perfectly matched as the Shoulder line. Naturally, we should be expecting an initial pull-back and since the IH&amp;S is a bullish reversal pattern, break above the 74.15 afterwards.<\/p>\n<p>However we need to consider an earlier potential Support and that&#8217;s the 1D MA50 which, as mentioned, was previously the Resistance since August 03. That fits well the pattern on the right side (which is on the 4H time-frame) which is a Channel Up whose Higher Lows trend-line limit is currently roughly where the 1D MA50 is.<\/p>\n<p>Short-term target if the Pivot Zone holds is the 74.15 Resistance (1). Long-term target is the 77.00 Resistance (2). A candle close below the Pivot Zone temporarily sets this back to the 1D MA200 (orange trend-line on the left chart).<\/p>\n<p>&nbsp;<\/p>\n<p>Tradingview link:<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/chart\/USOIL\/3UDh7deF-WTI-OIL-Inverse-Head-and-Shoulders\" target=\"_blank\" rel=\"noopener\">https:\/\/www.tradingview.com\/chart\/USOIL\/3UDh7deF-WTI-OIL-Inverse-Head-and-Shoulders<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Last time I made a post on WTI Oil the price was still struggling to get past both a very strong Lower Highs trend-line and the 1D MA50 (blue trend-line on the left chart): Well the price managed to break and close above both and rallied. The rejection though near the 74.15 Resistance has<\/p>\n","protected":false},"author":611,"featured_media":11534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1638],"tags":[],"class_list":["post-11533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities"],"_links":{"self":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/11533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/users\/611"}],"replies":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/comments?post=11533"}],"version-history":[{"count":2,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/11533\/revisions"}],"predecessor-version":[{"id":11536,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/11533\/revisions\/11536"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/11534"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=11533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=11533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=11533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}