{"id":11708,"date":"2021-12-08T09:07:15","date_gmt":"2021-12-08T09:07:15","guid":{"rendered":"https:\/\/tradingshot.com\/?p=11708"},"modified":"2023-05-05T09:09:19","modified_gmt":"2023-05-05T09:09:19","slug":"wti-oil-approaching-a-medium-term-resistance","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2021\/12\/08\/wti-oil-approaching-a-medium-term-resistance\/","title":{"rendered":"WTI OIL approaching a medium-term Resistance"},"content":{"rendered":"

 <\/p>\n

This is an update to my WTI Oil outlook made over a week ago:<\/p>\n

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

Despite breaking below the 0.786 Fibonacci retracement level and the Higher Lows trend-line of the multi-month Bullish Megaphone pattern, the price managed to close all 1D candles within the pattern and formed a Support. It has come very close to my first 73.50 Target which is near the 0.5 Fibonacci level and the 1D MA100 (green trend-line). I consider this a strong Resistance, in fact the whole zone as high as the 1D MA50 (blue trend-line), where we can see a weekly consolidation and sideways trading in a similar way as in late August – early September.<\/p>\n

Short-term traders may buy if the price breaks above the 1D MA100 and target 76.30 and engage for a more long-term trade only if the 1D MA50 breaks (TP 85.00 in that case).<\/p>\n

Tradingview link:<\/p>\n

https:\/\/www.tradingview.com\/chart\/USOIL\/TTMBqJ1b-WTI-OIL-approaching-a-medium-term-Resistance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  This is an update to my WTI Oil outlook made over a week ago: Despite breaking below the 0.786 Fibonacci retracement level and the Higher Lows trend-line of the multi-month Bullish Megaphone pattern, the price managed to close all 1D candles within the pattern and formed a Support. It has come very close to<\/p>\n","protected":false},"author":611,"featured_media":11709,"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-11708","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\/11708","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=11708"}],"version-history":[{"count":2,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/11708\/revisions"}],"predecessor-version":[{"id":11711,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/11708\/revisions\/11711"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/11709"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=11708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=11708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=11708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}