WTI Crude Oil has been on a long term downtrend since March 2022 and the heights of the Russian/Ukraine war. The 1W time frame technically turned bearish (RSI = 39.105, MACD = -5.090, ADX = 26.852) but the price just entered the S1 Zone, while making contact with the 1W MA200 for the first time since February 2021.
This is a heavy Support Zone and the fact that last week's candle closed over the 1W MA200, amplifies it. Target a little under the 1D MA50 (TP = 75.00).
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This is a heavy Support Zone and the fact that last week's candle closed over the 1W MA200, amplifies it. Target a little under the 1D MA50 (TP = 75.00).
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## Comments and likes are greatly appreciated. ##
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Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.