{"id":11672,"date":"2021-11-19T08:41:09","date_gmt":"2021-11-19T08:41:09","guid":{"rendered":"https:\/\/tradingshot.com\/?p=11672"},"modified":"2023-05-05T08:43:33","modified_gmt":"2023-05-05T08:43:33","slug":"wti-oil-can-go-much-lower-based-on-this-pattern","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2021\/11\/19\/wti-oil-can-go-much-lower-based-on-this-pattern\/","title":{"rendered":"WTI OIL can go much lower based on this pattern"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>It was exactly one month ago (October 19) when I reversed my bullish thesis on WTI Crude Oil, calling for a top and a reversal:<\/p>\n<div class=\"tv-embeded-image\"><a class=\"js-embeded-chart-image tv-embeded-image__link\" title=\"WTI OIL is about to top soon. Reversal imminent.\" href=\"https:\/\/www.tradingview.com\/chart\/USOIL\/FdsLSXOR-WTI-OIL-is-about-to-top-soon-Reversal-imminent\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"js-image-lazy-load\" src=\"https:\/\/s3.tradingview.com\/f\/FdsLSXOR_big.png\" alt=\"WTI OIL is about to top soon. Reversal imminent.\" \/><\/a><\/div>\n<p>As you see, the top got priced exactly on the March Higher Highs trend-line and the rejection successfully took place. Even early into November, the Lower Highs peak formation was clear:<\/p>\n<div class=\"tv-embeded-image\"><a class=\"js-embeded-chart-image tv-embeded-image__link\" title=\"WTI OIL Bearish Reversal pattern\" href=\"https:\/\/www.tradingview.com\/chart\/USOIL\/XElhY2Aj-WTI-OIL-Bearish-Reversal-pattern\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"js-image-lazy-load\" src=\"https:\/\/s3.tradingview.com\/x\/XElhY2Aj_big.png\" alt=\"WTI OIL Bearish Reversal pattern\" \/><\/a><\/div>\n<p>&nbsp;<\/p>\n<div class=\"tv-embeded-image\"><a class=\"js-embeded-chart-image tv-embeded-image__link\" title=\"WTI OIL Break-out or rejection\" href=\"https:\/\/www.tradingview.com\/chart\/USOIL\/D2IrV61C-WTI-OIL-Break-out-or-rejection\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"js-image-lazy-load\" src=\"https:\/\/s3.tradingview.com\/d\/D2IrV61C_big.png\" alt=\"WTI OIL Break-out or rejection\" \/><\/a><\/div>\n<p>Back to today. In my firm&#8217;s outlook, since the 1D MA50 (blue trend-line) broke, the only level that may support Oil is the 1D MA100 (green trend-line) and that only temporarily. Why? Because this is what happened last time on July 20, a short-term hold there followed by a dead-cat bounce above the 1D MA50 again only to serve as a new rejection towards the 1D MA200 (orange trend-line) where the price eventually made the bottom.<\/p>\n<p>As you see, the major pattern since March is a Bullish Megaphone which besides the Higher Highs, has also a Higher Lows trend-line that Supports. A new contact with that trend-line would be on the 0.786 Fibonacci retracement level, which was where the bottom was formed last time on the Higher Lows trend-line in August 20. Corrections of -15% are common within this Megaphone pattern and another such correction would make a low right above the 1D MA200, which I believe will be the bottom and will prevail over a deeper contact on the Higher Lows trend-line.<\/p>\n<p>Tradingview link:<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/chart\/USOIL\/LHAt32WL-WTI-OIL-can-go-much-lower-based-on-this-pattern\" target=\"_blank\" rel=\"noopener\">https:\/\/www.tradingview.com\/chart\/USOIL\/LHAt32WL-WTI-OIL-can-go-much-lower-based-on-this-pattern<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; It was exactly one month ago (October 19) when I reversed my bullish thesis on WTI Crude Oil, calling for a top and a reversal: As you see, the top got priced exactly on the March Higher Highs trend-line and the rejection successfully took place. Even early into November, the Lower Highs peak formation<\/p>\n","protected":false},"author":611,"featured_media":11673,"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-11672","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\/11672","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=11672"}],"version-history":[{"count":2,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/11672\/revisions"}],"predecessor-version":[{"id":11675,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/11672\/revisions\/11675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/11673"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=11672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=11672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=11672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}