WTI Crude Oil: Downside potential.
WTI Crude Oil is trading within a long term ascending Channel, which we well pointed out a couple weeks back:
The 4H chart though is turning neutral again (RSI = 49.100, MACD = 0.140, ADX = 33.703) due to the continuous consolidation with the 4H MA50 as Support. As seen on the chart, this resembles the top build-ups on July 8th and 29th, with the MACD and RSI reading also similar. What followed after the top was formed was roughly a -6.50% decline. Right now this extension is around 40.00 and that will be a buy entry for us. Longer-term investors can look for an even deeper opportunity on the 2-month Support Zone.
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The 4H chart though is turning neutral again (RSI = 49.100, MACD = 0.140, ADX = 33.703) due to the continuous consolidation with the 4H MA50 as Support. As seen on the chart, this resembles the top build-ups on July 8th and 29th, with the MACD and RSI reading also similar. What followed after the top was formed was roughly a -6.50% decline. Right now this extension is around 40.00 and that will be a buy entry for us. Longer-term investors can look for an even deeper opportunity on the 2-month Support Zone.
** If you like our free content follow our profile to get more daily ideas. **
Comments and likes are greatly appreciated.
** Also DONATIONS through TradingView coins help our cause of increasing the daily ideas put here for free and reach out more traders like you. **
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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