WTI Crude Oil has bounced off a key support zone near $57.50–$59.60 and is showing early signs of a potential bullish reversal. The price has started forming a new higher low structure on the 2-hour timeframe, suggesting the potential for a trend continuation to the upside.
A breakout above minor resistance could trigger a strong move toward previous supply levels.
Trade Setup:
Entry Zone (Buy): $61.00 – $61.50
Stop Loss: Below $59.60
Target 1: $64.00
Target 2: $67.00
Final Target: $70.50
Risk to Reward: Around 1:3+
Technical Analysis:
Strong bullish engulfing pattern from support
Potential reversal after a deep retracement
Clear risk/reward setup with defined support and resistance zones
Favorable for swing traders targeting mid-term upside
Disclaimer:
This idea is for educational purposes only. Always do your own research and apply proper risk management.
A breakout above minor resistance could trigger a strong move toward previous supply levels.
Trade Setup:
Entry Zone (Buy): $61.00 – $61.50
Stop Loss: Below $59.60
Target 1: $64.00
Target 2: $67.00
Final Target: $70.50
Risk to Reward: Around 1:3+
Technical Analysis:
Strong bullish engulfing pattern from support
Potential reversal after a deep retracement
Clear risk/reward setup with defined support and resistance zones
Favorable for swing traders targeting mid-term upside
Disclaimer:
This idea is for educational purposes only. Always do your own research and apply proper risk management.
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.
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.