{"id":11696,"date":"2021-11-30T08:58:45","date_gmt":"2021-11-30T08:58:45","guid":{"rendered":"https:\/\/tradingshot.com\/?p=11696"},"modified":"2023-05-05T09:00:42","modified_gmt":"2023-05-05T09:00:42","slug":"wti-oil-ideal-long-term-buy-opportunity","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2021\/11\/30\/wti-oil-ideal-long-term-buy-opportunity\/","title":{"rendered":"WTI OIL Ideal long-term buy opportunity"},"content":{"rendered":"

 <\/p>\n

WTI Oil is down more than -20% since the October High. The fundamentals over the new Omicron COVID variant have undoubtedly accelerated this but technically this is a much needed correction following the big rally of August – October.<\/p>\n

My last update on WTI was the following, where I pointed out the upcoming rejection on the 1D MA50 (blue trend-line):<\/p>\n

\"WTI<\/a><\/div>\n

The 1D RSI touched its multi-month Support Zone and even though a slightly lower level is technically possible (-23.50% would be within the technical limits of the 9 month Bullish Megaphone pattern), the current levels already represent an ideal buy opportunity for the long-term.<\/p>\n

Our firm’s thesis is that the rebound that will follow will target the 0.5 Fibonacci level (73.50) on the short-term, followed by the 0.382 (76.30) on the medium-term. The long-term lies on October’s 85.40 High and potentially beyond (based on the geopolitics at the time can be reviewed).<\/p>\n

Tradingview link:<\/p>\n

https:\/\/www.tradingview.com\/chart\/USOIL\/gtsSQjbW-WTI-OIL-Ideal-long-term-buy-opportunity<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  WTI Oil is down more than -20% since the October High. The fundamentals over the new Omicron COVID variant have undoubtedly accelerated this but technically this is a much needed correction following the big rally of August – October. My last update on WTI was the following, where I pointed out the upcoming rejection<\/p>\n","protected":false},"author":611,"featured_media":11697,"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-11696","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\/11696","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=11696"}],"version-history":[{"count":2,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/11696\/revisions"}],"predecessor-version":[{"id":11699,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/11696\/revisions\/11699"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/11697"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=11696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=11696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=11696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}