{"id":13494,"date":"2023-04-04T07:56:03","date_gmt":"2023-04-04T07:56:03","guid":{"rendered":"https:\/\/tradingshot.com\/?p=13494"},"modified":"2023-05-22T07:57:41","modified_gmt":"2023-05-22T07:57:41","slug":"wti-oil-near-a-long-term-resistance","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2023\/04\/04\/wti-oil-near-a-long-term-resistance\/","title":{"rendered":"WTI OIL Near a long-term Resistance"},"content":{"rendered":"<p>WTI Oil (USOIL) hit our medium-term target last week but following OPEC&#8217;s cuts, it opened with a big gap up on Monday:<\/p>\n<div class=\"tv-embeded-image\"><a class=\"js-embeded-chart-image tv-embeded-image__link\" title=\"WTI OIL Inverse Head and Shoulders cementing the bottom.\" href=\"https:\/\/www.tradingview.com\/chart\/USOIL\/eDIAlz8v-WTI-OIL-Inverse-Head-and-Shoulders-cementing-the-bottom\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"js-image-lazy-load\" src=\"https:\/\/s3.tradingview.com\/e\/eDIAlz8v_big.png\" alt=\"WTI OIL Inverse Head and Shoulders cementing the bottom.\" \/><\/a><\/div>\n<p>In order to more effectively understand the market dynamics after this move, it is best to view Oil on the 1W time-frame where we see all key characteristics of this move. First the rebound 2 weeks ago started after the price tested the 1W MA200 (orange trend-line) for the first time since February 01 2021. The price closed back above it and the rebound landed us to where we are now.<\/p>\n<p>This is just shy off Resistance Zone 1, which is holding since November 2022. This calls for the most optimal sell opportunity on a quarterly basis, targeting again the 1W MA200 and the 2 year Support Zone at 63.00.<\/p>\n<p>However with the 1W RSI on Higher Lows i.e. a Bullish Divergence against the candles&#8217; Lower Lows, we have to consider the probability of a potential bullish break-out. Since the 1W MA50 was a long-term Support turned into Resistance that hasn&#8217;t allowed a 1W candle close above its since November 2022, we are willing to buy only if we close above it. The target on that occasion will be 93.00 (Resistance 2).<\/p>\n<p>Tradingview link:<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/chart\/USOIL\/tIKWmMZu-WTI-OIL-Near-a-long-term-Resistance\" target=\"_blank\" rel=\"noopener\">https:\/\/www.tradingview.com\/chart\/USOIL\/tIKWmMZu-WTI-OIL-Near-a-long-term-Resistance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WTI Oil (USOIL) hit our medium-term target last week but following OPEC&#8217;s cuts, it opened with a big gap up on Monday: In order to more effectively understand the market dynamics after this move, it is best to view Oil on the 1W time-frame where we see all key characteristics of this move. First the<\/p>\n","protected":false},"author":611,"featured_media":13495,"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-13494","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\/13494","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=13494"}],"version-history":[{"count":2,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/13494\/revisions"}],"predecessor-version":[{"id":13497,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/13494\/revisions\/13497"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/13495"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=13494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=13494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=13494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}